Scottrade Inc., a discount online brokerage, will cooperate with three U.S. states in a probe of possible antitrust violations in the retail securities brokerage industry, the Connecticut attorney general said.
Scottrade reached an agreement to cooperate with the inquiry and any resulting litigation, according to a statement today from Connecticut Attorney General George Jepsen. The deal was reached with Connecticut, Iowa and Missouri, according to a letter posted at the attorney general’s website.
The investigation focuses on possible collusive conduct by several retail securities brokers and firms that assist brokers in executing orders, Jepsen said. The conduct may have hindered competition, according to the statement.
“Scottrade’s client-centric focus and core values of trust and integrity are important aspects of how we do business every day, and we are pleased that this matter has been resolved,” Scottrade spokeswoman Leigh Hamer said in an e-mailed statement.
As part of the agreement, the St. Louis-based company will create an antitrust compliance policy and training program for employees, the attorney general’s office said. Scottrade didn’t admit wrongdoing, according to the office.