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AMTD.US
id: 324
Delaware court of Chancery
Court
25 Nov 2019
Class period Start
06 Oct 2020
Class period End
07 Sept 2022
Claim deadline
Hawkes v. The Toronto-Dominion Bank, et al.

TD Ameritrade Holding Corporation agreed to pay $31.5 million to settle a securities class action lawsuit accusing the Company of breaching fiduciary duties in the merger process.

The original complaint alleged that during the merger between CSC and TD Ameritrade Holding Corporation that TD Bank and its Leaders breached their fiduciary duties in connection with the Merger, and that CSC aided and abetted such breaches.

Further damaged investors alleged that TD Bank breached its fiduciary duties as Ameritrade’s controlling stockholder by conditioning its support for the Merger on receiving a non rateable benefit from the acquirer, CSC, through an amended “insured deposit account agreement” between the post-Merger company and TD Bank.

Also, the complaint alleged that the Merger’s process and price were unfair because TD Bank allegedly usurped, and Ameritrade’s special committee allegedly ceded, responsibility for negotiating the Amended IDA Agreement, which allegedly was traded off for potential additional consideration that could have been received by all Ameritrade stockholders.

TD Ameritrade Holding Corporation agreed to settle with investors to avoid further litigation.

Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Brett Hawkes
Attorneys
Bernstein Litowitz Berger & Grossmann LLP, Friedman Oster & Tejtel PLLC, Andrews & Springer LLC
Judge
Vice Chancellor Paul A. Fioravanti, Jr.
Administrator
JND Legal Administration
Court hearing date
21 September 2022
+$31,500,000
Cash Settlement Amount

AMTD IDEA Group

AMTD IDEA Group, an investment holding company, provides capital market solutions in China, Hong Kong, Europe, the United States, and internationally. The company operates through four segments: Ca...

    Ticker
    AMTD.US
    ISIN
    US00180G2057
    CIK
    1769731
    Sector
    Financial Services
    Industry
    Asset Management
    Country
    USA
    Address
    23/F Nexxus Building, Central, Hong Kong