The Charles Schwab-TD Ameritrade merger could also be a performed deal, however an antitrust lawsuit introduced by traders in search of to unwind the mix stays energetic in federal court docket.
Any potential trial would possible be no less than two years away.
Filings in U.S. District Court docket for the Jap District of Texas present the docket has been modified, with a last pretrial convention now set for Oct. 6, 2025; the court docket had initially set the convention for Dec. 5, 2024.
Retail traders who sued Schwab within the putative class-action lawsuit contend the 2020 deal considerably weakened competitors, harming brokerage shoppers. They allege they pay increased transaction prices and endure from diminished shopper selections.
U.S. District Decide Amos Mazzant in February 2023 denied Schwab’s movement to dismiss the case, Jonathan Corrente et al. v. The Charles Schwab Corp., writing, “When contemplating a movement to dismiss … the court docket should settle for as true all well-pleaded information within the plaintiff’s criticism and consider these information within the gentle most favorable to the plaintiff.”
Mazzant discovered the plaintiffs had acknowledged claims for aid enough to disclaim Schwab’s request for dismissal.
Amongst different key dates on the present court docket schedule, which Mazzant accredited in November, the plaintiffs have till April 5 this yr to file a movement for certification as a category. Discovery is due by Dec. 12, 2024, and an skilled witness listing by Jan. 6, 2025, and the events face a Could 23, 2025, mediation deadline.