BlackCrown Inc., a small New York-based RIA that advises on mergers and acquisitions, has filed an antitrust lawsuit in Manhattan federal court that challenges the planned $26 billion acquisition of TD Ameritrade Holding Corp. by Charles Schwab & Co.
The lawsuit charges that the proposed deal would decimate smaller registered investment advisers that rely on Schwab and TD Ameritrade to serve as their custodians, according to a story by Bloomberg.
BlackCrown Inc. alleges that the acquisition would: “disenfranchise a great segment of the industry by effectively establishing a caste system,” worsen concentration, and have a significant impact on innovation.
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