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SEC warns Schwab of potential suit

October 15, 2009|Times Wire Reports

Charles Schwab Corp. may be sued by U.S. regulators over its handling of two mutual funds after some investors alleged they were deceived.

The Securities and Exchange Commission sent the company a Wells notice, warning that investigators planned to recommend legal action related to the Schwab YieldPlus Fund and the Schwab Total Bond Market Fund, the firm said in a filing. The SEC may target three Schwab units and the funds' president, it said.

A Wells notice typically allows recipients a chance to dissuade the SEC from proceeding.

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