Better late than never. In a settlement with New York Attorney General Andrew Cuomo announced Monday, TD Ameritrade, Inc. agreed to return some $456 million to roughly 4,000 customers who bought now-frozen auction-rate securities.
By striking the deal, TD Ameritrade becomes the 13th company to reach an agreement with Cuomo’s office in connection with the sale of auction-rate securities. The others — downstream brokerage Fidelity Investments and 11 underwriting firms — settled their cases between late July and early September of last year. The TD Ameritrade settlement brings to $61 billion the total amount of investments recovered by Cuomo’s office.
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