Hate to see Schwab getting shaken down for $8 million by a few shysters. Also hate to see Schwab might be rolling over and taking it. Here is the link if you want to read about it. Jonathan Corrente, et al. v. The Charles Schwab Corporation - Home
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I wasn’t even aware of the class action. I should be affected since I was with Ameritrade (originally, I was with Scottrade, but Ameritrade absorbed them, and TD absorbed them, and then Schwab absorbed TDAmeritrade).
I haven’t received a notice of the litigation.
I do agree that this is less competition. Over 20 years ago I was with Schwab, but I moved to Scottrade. Now, via absorbing of other firms, I’m back with Schwab anyway. That strongly implies there is less competition out there, and more consolidation. The competition was good…when I was with Schwab, they charged about $19 per trade (IIRC), but reduced it to zero when brokers like Scottrade entered the scene with no fees).
Maybe. 10, 20 years ago there weren’t the RobinHoods and WeBull and Acorns and Stash and whatever all the rest of those are. It could be that Schwab is accumulating a lot, but there seems to be no dearth of alternatives.
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The suit refers to Schwab absorbing TD Ameritrade in 2020. Seriously, how much in damages could the plaintiffs possibly have? Commissions are so low now, they would have to be executing many trades of high volumes. If someone was executing that much in volume and trades, they would not likely be using a discount broker. And the lawyers are asking for 8 million plus. Disgusting. Well, enough, get to head down south tonight to work on the Gifford Fire (72K+ acres and ripping). Was hoping to take the Mustang (car, not horse) to Reno for Hot August Nights this week-end, but at my age I know this might be my last chance to get out on the fireline one more time.