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Charles Schwab should face US antitrust case over TD Ameritrade deal, plaintiffs argue

( September 27, 2022, 22:31 GMT | Official Statement) -- MLex Summary: Plaintiffs challenging Charles Schwab’s merger agreement with TD Ameritrade opposed dismissal, arguing that Schwab makes inappropriate arguments in support of its motion. “Schwab refuses to engage with the market actually pleaded in the CAC in favor of a different, counterfactual market that assumes away the pleaded product (retail order flow) and injury (an underpayment for Plaintiffs’ order flow); it flatly disagrees with factual allegations in the CAC about the anticompetitive effect of the merger and about Plaintiffs’ alleged injury, then incorrectly claims that these disagreements warrant dismissal; and it seeks to bar injunctive relief at the pleading stage based on lawyers’ argument about ‘hardship’ and a laches defense to a presumptively timely claim—an affirmative defense for which Schwab bears the burden of proof. None of this offers a credible basis for dismissal,” they said. See document below. ...

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