The following is a formal statement by Steve Berman, Managing Partner of Hagens Berman and lead counsel in the Schwab YieldPlus Litigation that addresses the agreement reached with the defendant.

"We reached an agreement in principle to allow the Schwab YieldPlus settlement to move forward, pending the court's final approval.

The issue was whether investors outside California had the ability to bring separate claim against Schwab under California's consumer laws, or if the settlement agreement we reached with Schwab released those claims.

We've agreed to release those claims in exchange for Schwab's agreement to allow those plaintiffs the opportunity to opt out of the current settlement agreement and pursue those claims if they wish. Bear in mind these claims were dismissed earlier by the court.

This is a fair compromise - it preserves the $235 million settlement for the vast majority of investors who saw it was a fair conclusion to the litigation, while preserving the rights of those who want to proceed with individual claims."

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About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law firm with offices in 10 cities. The firm has been named to the National Law Journal’s Plaintiffs’ Hot List eight times. More about the law firm and its successes can be found at www.hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

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