E*Trade Financial Corp. (ETFC) agreed to pay $100,000 and implement an antitrust compliance policy and training program under a deal with states investigating the retail securities brokerage industry.
E*Trade also agreed to cooperate with the probe of possibly collusive conduct by several retail securities brokers and firms that assist brokers executing orders, Connecticut Attorney General George Jepsen said today in a statement.
The agreement was reached with Connecticut, Missouri and Iowa, according to letters to the companies from Connecticut describing the deal. TradeKing Group Inc. also reached a deal with the states and agreed to pay $100,000, Jepsen said today. TD Ameritrade Holding Corp. and Scottrade Inc. previously reached deals in the investigation.
Robert Horton, a spokesman for New York-based E*Trade, declined to comment on the agreement. Kathy Wilson, a spokeswoman for Charlotte, North Carolina-based TradeKing, said in an e-mail that the company had nothing further to add to Jepsen’s statement.
Neither company made an admission of wrongdoing, according to the letters, which were posted on the Connecticut attorney general’s website.
To contact the editor responsible for this story: John Pickering at firstname.lastname@example.org