Schwab Close to Settlement in Antitrust Lawsuit Over TD Ameritrade Deal

Brokerage clients who wanted to end the Charles Schwab-TD Ameritrade merger on antitrust grounds have reached a “settlement in principle” with the financial services giant.

In a status update filed last week with the U.S. District Court for the Eastern District of Texas, Schwab and the plaintiffs in the case, Jonathan Corrente et al. v. The Charles Schwab Corp. told the judge that negotiators had signed a term sheet covering the proposed settlement.

They negotiated with the support of a court-appointed mediator.

“While work remains to be done, including developing a settlement plan, hiring a settlement administrator and developing a termination plan, the parties anticipate that Plaintiffs will be able to move for preliminary approval no later than November 21, 2024.” the status report says.