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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]