TD Ameritrade Reaches Agreement in State Antitrust Probe

TD Ameritrade Holding Corp. (AMTD) will cooperate in a multistate investigation into potential violations of antitrust law in the retail brokerage industry.

The company also agreed to implement an antitrust compliance policy and training for employees, Connecticut Attorney General George Jepsen said in a statement today.

The investigation focuses on possibly collusive conduct by several retail securities brokers and firms that help them execute orders, Jepsen said. Scottrade Inc. reached a similar agreement in March.

Kim Hillyer, a spokeswoman for Omaha-based TD Ameritrade, confirmed the agreement and said the investigation resulted in no findings of wrongdoing by the company. TD Ameritrade reached the accord with Connecticut, Missouri and Iowa, according to a letter posted on the attorney general’s website.

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

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