Brokerage customers who sought to unwind the Charles Schwab-TD Ameritrade merger on antitrust grounds have reached a "settlement in principle" with the financial services behemoth.
In a status update filed with the U.S. District Court for the Eastern District of Texas last week, Schwab and plaintiffs in the case, Jonathan Corrente et al. v. The Charles Schwab Corp., told the judge that negotiators have signed a term sheet covering the proposed settlement.
They've been negotiating with assistance from a court-appointed mediator.
"While work remains to be done, including the drafting of a stipulation of settlement, and hiring a settlement administrator and devising a notice plan, the parties anticipate that Plaintiffs will be able to move for preliminary approval no later than November 21, 2024," the status report says.
