Ameritrade Merger Litigation Settlement

What happened

The Toronto-Dominion Bank, Charles Schwab Corporation, and individual defendants were accused of breaching fiduciary duties in connection with the October 6, 2020 merger between Charles Schwab Corporation and TD Ameritrade Holding Corporation. The plaintiff alleged the merger violated Delaware law, that TD Bank breached its duties as Ameritrade's controlling stockholder by conditioning its support on receiving a nonratable benefit through an amended insured deposit account agreement, and that the merger's process and price were unfair.

Do you qualify?

All record holders and beneficial holders of Ameritrade common stock who held such stock from November 25, 2019 (the date of the definitive merger agreement) through October 6, 2020 (the merger closing date). Excluded are defendants, their heirs, immediate family of individual defendants, directors and senior officers of the companies involved, and their affiliates, except with respect to shares held in accounts on behalf of others.

Who is in the class

All record holders and beneficial holders of TD Ameritrade Holding Corporation ("Ameritrade") common stock who held such stock at any point during the period from and including November 25, 2019, the date of the Merger Agreement, through and including October 6, 2020, the date the Merger closed (the "Class Period"), including their heirs, assigns, transferees, and successors-in-interest, in each case solely in their capacity as holders or owners of Ameritrade common stock. Excluded from the Settlement Class are: (i) Defendants and their heirs, assigns, transferees, and successors-in-interest; (ii) members of the immediate family of any Individual Defendant; (iii) any person who was, at the time of the Closing, a director or senior officer of Ameritrade, the Toronto-Dominion Bank or CSC; (iv) any parent, subsidiary, or affiliate of TD Bank or CSC; and (v) any firm, trust, corporation, or other entity in which Defendants or any other excluded Person had, at the time of the Closing, a controlling interest.

Quoted from the settlement notice.

How to file

This is a non-opt-out class settlement. Settlement administration was completed in October 2023, and distributions of net settlement funds to qualifying record and beneficial holders have been made on a rolling basis (January 12, 2024; January 13, 2025; June 30, 2026). For questions, contact the Settlement Administrator at 1-888-964-2135, info@AmeritradeMergerLitigation.com, or by mail to Ameritrade Merger Litigation, c/o JND Legal Administration, P.O. Box 91212, Seattle, WA 98111.