TD Ameritrade to pay $1.4 million to settle investor tax lawsuit

By Theresa Schliep (July 19, 2022, 2:45 p.m. EDT) – TD Ameritrade has agreed to pay $1.4 million to settle claims that it failed to compensate investors for the higher taxes they paid due to the broker’s use of their securities in short sales, the investors told a Missouri federal court.

The investor class asked the Missouri federal court, in a motion filed Monday, to approve a preliminary settlement that would create a pool of $1.4 million that TD Ameritrade would use to compensate 11,000 investors eligible for redemption.

The preliminary settlement would entitle class members to payments of 13.52% of the amount of the broker’s replacement payments that…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Comments are closed.