Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

E*Trade Reaches Agreement With States in Antitrust Probe

Don't Miss Out —
Follow us on:

Aug. 30 (Bloomberg) -- E*Trade Financial Corp. 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 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.