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August 11, 2005 |

Lawsuit Accuses Ameritrade of Delaying Trades

Ameritrade is being accused of costing investors $100 million by delaying orders to buy and sell stock. A federal class action alleges that the online broker in one instance took more than an hour to execute a trade, costing an investor more than $26,000. Ameritrade, which also faces a class action accusing it of having "antiquated" systems, could become the largest online broker thanks to a recently signed deal to acquire rival TD Waterhouse USA for about $3 billion.
3 minute read
October 26, 2010 |

Brokers flee brokerages as declining assets show broken model

After Morgan Stanley took control of Smith Barney in May 2009 from Citigroup Inc., David Hopkins grew disillusioned with his new bosses.
6 minute read
June 11, 2013 |

Schwab Topping Goldman Sachs Presages Return To Stocks

Shares of discount brokers are gaining the most since 2003 compared with the Standard & Poor's 500 Index, a sign that small investors are joining the four-year bull market even after U.S. stocks suffered their biggest losses in six months.
7 minute read
April 21, 2008 |

Auction-rate securities suits rising

Investors holding securities tied to the stalled auction-rate market, which sets interest rates for certain types of bonds at periodic auctions, are filing lawsuits and arbitration proceedings alleging, among other things, that investors were deceived. Planitiffs' lawyer Ed Korsinsky said the involved investors thought they were buying something akin to a money market account, not securities.
5 minute read
November 15, 2012 |

'Cautionary tale' shows risk of prosecution

On April 14, 2011, James Fan stood on the landing of a parking garage at Newark Liberty International Airport, a cheer-up letter from his young son in his pants pocket, the prospect of a four-story leap facing him.
17 minute read
June 18, 2010 |

Attorney Sentenced for Losing $2 Million From Client Trust Fund

A Southern California lawyer who lost more than $2 million from a class action settlement by investing client trust funds in the stock market has been sentenced to 18 months in prison. Sandeep Baweja of the Baweja Law Group in Irvine, Calif., pleaded guilty in October to one count of wire fraud and one count of obstruction of justice after confessing that he had clandestinely transferred $2.5 million from an account at Union Bank of California into an online stock brokerage account with TD Ameritrade Inc.
3 minute read
January 15, 2009 |

New Deals

Citigroup Inc. and Morgan Stanley have announced a joint venture in which Morgan has agreed to take majority ownership of Citigroup's brokerage unit for $2.7 billion. Also, Online broker TD Ameritrade Holding Corporation has agreed to acquire thinkorswim Group Inc. in a $606 million cash and stock deal.
4 minute read
September 11, 2013 |

TD Bank Doubles Advisers In Push For Wealthy Americans

Toronto-Dominion Bank is ramping up its U.S. asset-management business while doubling the number of advisers for wealthy American clients in an bid to accelerate profit.
5 minute read
July 27, 2009 |

VERDICTS & SETTLEMENTS

6 minute read
October 29, 2007 |

Brokerage houses face 'sweep' suits

A number of major brokerage houses are facing proposed class actions. They're accused of sweeping uninvested brokerage account money into low-interest accounts at affiliated banks and using the funds to earn money for the companies. The so-called "sweep suits" have been filed in federal court in New York and Colorado.
3 minute read

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