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TD Ameritrade reaches agreement with states to end retail brokerage investigation

By  |  July 6, 2012

Connecticut’s Attorney General George Jepsen has reached an agreement with TD Ameritrade over a multistate investigation of collusion in the retail securities brokerage industry. TD Ameritrade has agreed to cooperate with Connecticut, Iowa, and Missouri’s ongoing investigations. The company will also create and implement antitrust policy and training programs for its employees within 90 days.

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    The states opened an investigation after a partnership between Nasdaq and Loyal3 ended. The venture allowed investors to buy stocks directly from companies for free online, without going through retail brokers.

    TD Ameritrade is the second broker to reach a settlement with the states–Scottrade, in March, had also agreed to cooperate and effect a compliance program.

    Full content: Connecticut Attorney General’s Office

     

    Related content: Supreme Court Rules That Antitrust Claims Relating To IPO Underwriting Conduct Are Precluded By The Securities Regulatory Regime

     

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