Labins v. The Charles Schwab Corporation et al

Filing 856

ORDER REGARDING 1172 OMITTED ACCOUNTS by Judge Alsup granting 854 Motion for Settlement (whalc2, COURT STAFF) (Filed on 9/2/2010)

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In re Charles Schwab Corp. Securities Litigation Doc. 856 1 2 3 4 5 6 7 8 9 10 IN RE: CHARLES SCHWAB CORPORATION SECURITIES LITIGATION. This Document Relates To All Cases. / That 1172 accounts were omitted is a disappointment. If they are now excluded, then a new lawsuit will follow, possibly with different counsel, which would then be related to the pending suit, and a mess would ensue. The 1172 accounts should have been included from the outset. This appears to be Schwab's fault but maybe there is more to that story than can be gleaned from the joint submission. Given that the 1172 accounts should have been included from the outset, the fairest approach is to include the 1172 accounts and add the additional money as proposed in the second alternative. However, the fairness hearing must go forward as noticed for the existing class members. That will be too hard to change. The notice to the 1172 account holders should so advise and also specify the procedure and hearing dates for the 1172 accounts. We will have to have a separate hearing later for the 1172 accounts. Build in sufficient time to track down the 1172 account No. C 08-01510 WHA IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA United States District Court 11 For the Northern District of California 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDER REGARDING 1172 OMITTED ACCOUNTS Dockets.Justia.com 1 2 3 4 5 6 7 8 9 10 holders. Adjust the 1172 notice to explain why that notice and process differs from the notice and timeline for the main body of class members. Please submit a proposed order that does all of this. IT IS SO ORDERED. Dated: September 2, 2010. WILLIAM ALSUP UNITED STATES DISTRICT JUDGE United States District Court 11 For the Northern District of California 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 2

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