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E*Trade, TradeKing Settle Antitrust Investigation
August 31, 2012
[ by Howard Haykin ]
E*Trade Financial Corp., caught in the throes of an investigation of the retail securities brokerage industry by several states - Connecticut, Missouri, Iowa - agreed to enter into a deal that, among other obligations, required E*Trade to pay $100,000.
The deal also requires the firm to implement an antitrust compliance policy and training program, as well as cooperate with the probe of possibly collusive conduct by several retail securities brokers and firms that assist brokers executing orders - that, according to a statement by CT Attorney General George Jepsen.
TradeKing Group Inc. also reached a deal with the states and agreed to pay $100,000. TD Ameritrade Holding Corp. and Scottrade Inc. previously reached deals in the investigation.
Bloomberg could not obtain comments on the deal from either E*Trade or TradeKing. [Bloomberg, 8/30/12]
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