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BUSINESS
October 31, 2011 | Reuters
A lawsuit against Charles Schwab Corp. over auction-rate securities that was filed by former New York Atty. Gen. Andrew Cuomo was thrown out by a state court judge. The 2009 lawsuit accused the San Francisco discount brokerage of fraud in the marketing and sale of the securities and alleged that the company's brokers falsely represented the securities as safe, liquid investments. In a decision released Monday, Manhattan state Supreme Court Justice O. Peter Sherwood granted Schwab's motion to dismiss.
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BUSINESS
June 26, 2003
* San Francisco-based Charles Schwab Corp., the biggest U.S. discount broker, agreed to buy the private asset management unit of State Street Corp. in Boston for about $365 million to bolster the New England presence of Schwab's business that caters to wealthy investors.
BUSINESS
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.
BUSINESS
April 27, 2006 | From Bloomberg News
Charles Schwab Corp. raised its dividend by 20%, the fifth increase in two years, amid rising profit and client assets that climbed to a record $1.28 trillion last quarter. The board of directors approved the increase to 3 cents a share at a meeting Wednesday, San Francisco-based Schwab said. Schwab shares rose 24 cents to $17.71.
BUSINESS
February 18, 2004 | From Reuters
Charles Schwab Corp., the biggest U.S. discount brokerage, said Tuesday that client stock trading in January rose 28% from December levels but surged 70% from the year-ago month. Schwab, based in San Francisco, reported 215,000 daily average revenue trades for January.
BUSINESS
January 19, 2006 | From Associated Press
Charles Schwab Corp.'s fourth-quarter earnings more than tripled as the discount brokerage slashed fees, capping the most profitable year in its 30-year history. Net income totaled $187 million, or 14 cents a share, during the final three months of 2005, up from $53 million, or 4 cents, at the same time in 2004. The earnings matched the average estimate of analysts surveyed by Thomson Financial. Revenue at San Francisco-based Schwab totaled $1.18 billion in the quarter, up 11%.
BUSINESS
February 2, 2001 | Associated Press
Stock brokerage Charles Schwab Corp. scrapped a cost-cutting order requiring thousands of its employees to take off three days during the next month after discovering the plan raised "some legal questions." The San Francisco-based brokerage didn't disclose the nature of the problem. State labor regulators raised one possible reason for the reversal: Even if they were ordered to stay home, Schwab's salaried employees would have to be paid for days off that had been ordered for today and Feb.
BUSINESS
July 18, 2007 | From Times Wire Services
Charles Schwab Corp. said Tuesday that its second-quarter profit increased 16% as its "Talk to Chuck" ads and rising stock prices helped drive the discount brokerage's fastest growth in customer accounts in five years. Net income climbed to $292 million, or 23 cents a share, from $251 million, or 19 cents, a year earlier. Revenue rose 10% to $1.21 billion.
BUSINESS
July 3, 2007 | From Times Wire Services
Enriched from the sale of its wealth-management subsidiary, Charles Schwab Corp. said Monday that it would distribute $3.5 billion to its stockholders by buying back stock and paying a one-time dividend. Schwab shares jumped $1.48, or 7.2%, to $22 on the news. The San Francisco-based discount stockbrokerage plans to pay as much as $22.50 a share for its own stock -- 10% above last week's closing price. The buyback price is to be set through an auction that guarantees those who sell at least $19.
BUSINESS
April 18, 2007 | From the Associated Press
Charles Schwab Corp. posted its eighth consecutive quarter of double-digit earnings growth as an influx of customer deposits during the first three months of the year helped the discount broker shake off turbulent market conditions. The San Francisco-based company said Tuesday that it earned $273 million, or 22 cents a share, during the first quarter. That was up 12% from net income of $243 million, or 19 cents a share, at the same time last year.
BUSINESS
January 26, 2007 | From the Associated Press
Coming off the most profitable year in the stock brokerage's history, Charles Schwab Corp. is losing its chief financial officer, Christopher Dodds, to early retirement in May. Dodds' decision, announced Thursday, comes as a surprise because he is only 47 years old. Investors have been more concerned about the retirement plans of the San Francisco-based company's founder and chief executive, Charles Schwab.
BUSINESS
January 18, 2007 | From the Associated Press
Charles Schwab Corp.'s fourth-quarter earnings more than doubled to lift the stock brokerage's annual profit above $1 billion for the first time in its history. The San Francisco-based company said Wednesday that it earned $467 million, or 37 cents a share, during the final three months of 2006. That compared with net income of $187 million, or 14 cents, a year earlier. Revenue for the period totaled $1.1 billion, a 14% increase from $964 million in the prior year.
BUSINESS
December 5, 2006 | From Bloomberg News
Charles Schwab Corp., the largest U.S. discount broker, may use proceeds from the sale of its U.S. Trust private-banking unit to make acquisitions, Chief Executive Charles Schwab said Monday. Schwab told investors during a presentation at its San Francisco headquarters that his company might be interested in buying a firm that would expand its presence in the 401(k) retirement market. Any acquisition would be the first since January 2004, when the company bought SoundView Technology Group.
BUSINESS
October 17, 2006 | From Bloomberg News
Charles Schwab Corp., the largest U.S. discount broker, said Monday that third-quarter profit rose 29% as customers invested more with the firm to take advantage of lower trading costs and the biggest stock-market gains in almost two years. Net income increased to $266 million, or 21 cents a share, from $207 million, or 16 cents, a year earlier, Schwab said. Client assets climbed 14% to a record $1.33 trillion.
BUSINESS
July 19, 2006 | From Times Wire Services
A jump in new accounts and interest income at discount brokerages Charles Schwab Corp. and TD Ameritrade Holding Corp. helped fuel strong profit gains in the second quarter, the companies said Tuesday. Merrill Lynch & Co., the world's biggest brokerage, also reported a hefty profit increase, but warned that business conditions had become "challenging." Schwab, the biggest U.S. discount broker, said second-quarter profit rose 35% after price cuts lured new clients.
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