MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, March 16, 2005 Schwab Sues TD Waterhouse Charles Schwab Corp. is serious, this time. The brokerage has slapped a lawsuit against TD Waterhouse alleging that the competitor's advertising is "deceptive, misleading and patently false." The two companies had previously reached an agreement where TD Waterhouse agreed to "stop its false claims and disparaging descriptions of Schwab, but instead ran the misleading ad at least 28 additional times in violation of the agreement," Schwab officials stated in a release. The suit was filed in San Francisco County Superior Court. "TD has been running millions of dollars of advertising that misleads investors and sullies our reputation with statements that are neither accurate nor fair. We are approaching our 30th year as the leader in the discount brokerage business, with a brand and a reputation that stands for good value and high quality service. This kind of disparagement simply crosses the line of honesty and fair play," stated Charles R. Schwab, chairman and chief executive officer. Meanwhile, Schwab reported on Wednesday that the firm brought in $6.3 billion in net new assets. Total assets were $1.089 trillion at the end of February, and revenue and asset-based trades were up 3 percent and 2 percent from January. Printed from: MFWire.com/story.asp?s=9272 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |