Charles Schwab filed arguments in federal court in San Francisco on March 19 to try to preclude the Securities and Exchange Commission from suing it over its YieldPlus fund, which had nearly 50% of its assets in mortgage-backed securities, Bloomberg reports.
Once one of the biggest short-term bond funds in the world, with $13.5 billion at its peak in 2007, YieldPlus lost 35%, before dividends, in 2008. Today, a mere shell of its former self, it stands at a mere $184 million.
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