On October 30, 2020, we filed a lawsuit on behalf of account holders of the Schwab Charitable Donor-Advised Fund. The lawsuit alleges that Defendants violated the common law and California’s Unfair Business Practices Act by failing to act prudently or in the best interest of the charitable trust in managing its donor-advised fund.
The Schwab Charitable Fund permits donors to choose from a set of investment options selected by Schwab Charitable or an affiliated advisor. Among other things, the lawsuit alleges that the investment options within the Schwab Charitable Fund included numerous proprietary investments and higher-cost versions of several mutual funds, to the financial advantage of Charles Schwab, at the ultimate expense of charitable institutions to whom the donors intended to benefit.
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