By Leslie Pappas (November 18, 2021, 8:56 PM EST) — Former stockholders of TD Ameritrade Holding Corp. urged Delaware’s Chancery Court on Thursday to keep alive their class action over Charles Schwab Corp.’s $26 billion acquisition of Ameritrade, arguing that it was “reasonably conceivable” that TD Bank conspired with Schwab to carry out an unfair merger.
In a hearing Thursday on a motion to dismiss the case, the shareholders argued that TD Bank breached its fiduciary duties as Ameritrade’s controlling stockholder by conditioning its support for the October 2020 merger on an “insured deposit account” agreement with Schwab that would sweep billions from Ameritrade accounts into Federal Deposit Insurance Corp.-insured accounts…
Source: law360.com
