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.

Though the lawsuit has been filed, we are still looking to represent additional individuals who may have been harmed as a result of Defendants’ conduct. If you held money in a Schwab Charitable donor-advised fund account within the past four years, we would be interested in hearing from you. Please fill out the form below, and we will be in contact with you within one business day.

The lawsuit seeks to recover the losses resulting from Defendants’ unlawful behavior and disgorge any ill-gotten profits derived therefrom. For a copy of the Complaint, click here.

This case is entitled Pinkert v. Schwab Charitable, Charles Schwab Corporation, et al., Case No. 3:20-cv-07657 (N.D. Cal.)

Update Info 

Attorneys

• Paul J. Lukas
• Brock J. Specht

Staff

• Liz Luebesmier