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Securities

Mar. 26, 2010

SEC May Aid Case Against Schwab

Plaintiffs' attorneys are hoping to persuade a federal judge today that Charles Schwab broke the law when it increased a fund's investment in mortgage-backed securities from less than 25 percent of assets to nearly 50 percent without shareholder approval.

By Rebecca Beyer

Daily Journal Staff Writer

SAN FRANCISCO - Plaintiffs' attorneys hoping to persuade a federal judge today that Charles Schwab broke the law when it increased a fund's investment in mortgage-backed securities from less than 25 percent of assets to nearly 50 percent without shareholder approval have a powerful ally: the federal government.

Last week, the Securities and Exchange Commission filed an amicus ...

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