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id: 324, Created by Stan Vick Chase, Scout
AMTD IDEA Group
25 November 2019Class period Start
06 October 2020Class period End
07 September 2022Claim 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.
Bernstein Litowitz Berger & Grossmann LLP, Friedman Oster & Tejtel PLLC, Andrews & Springer LLC
Delawere court of Chancery
Vice Chancellor Paul A. Fioravanti, Jr.
JND Legal Administration
Court hearing date
21 September 2022
+$31,500,000Total Settlement Amount