A PYMNTS Company

Shareholder Sues to Block TD Ameritrade-Schwab Merger

 |  March 24, 2020

Another TD Ameritrade Holding Corp. shareholder has filed a lawsuit attempting to derail the discount brokerage firm’s acquisition by Charles Schwab Corp.

Shiva Stein, who has a history of working with plaintiffs’ attorneys to litigate against merger targets, filed a complaint Monday in U.S. District Court in Delaware seeking to rescind the all-stock deal that Schwab valued at $26 billion when it was announced in November. The merger registration statements urging shareholder approval are “materially incomplete and misleading” in omitting explanations of financial projections, the lawsuit says.

The complaint asks the court to temporarily and permanently enjoin the merger, rescind it “to the extent already implemented,” order an accounting of all damages Stein suffered and award attorneys’ and expert witness’ fees and litigation costs.

Full Content: Advisor Hub

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.