Kaskela Law LLC has filed a class action complaint on behalf of former stockholders of TD Ameritrade Holding Corp. (“TD Ameritrade”) in the Delaware Court of Chancery, Case No. 2020-0360-PAF.

Among other things, the complaint alleges that TD Ameritrade’s directors breached their fiduciary duties in connection with The Charles Schwab Corporation’s (“Schwab”) acquisition of TD Ameritrade in 2020.  The action seeks to recover additional compensation for the former stockholders of TD Ameritrade whose shares were acquired by Schwab.

In June 2022, the parties to the litigation agreed to settle the action for $31.5 million.