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Judge nixes suit to block Charles Schwab/TD Ameritrade merger

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Judge nixes suit to block Charles Schwab/TD Ameritrade merger

Judge Gregory Woods of the U.S. District Court for the Southern District of New York dismissed a lawsuit filed by asset management firm BlackCrown Inc. that sought to stop Charles Schwab Corp. from merging with TD Ameritrade Holding Corp. because BlackCrown was not represented by a lawyer in its dispute.

In a Jan. 2 decision, the judge said BlackCrown must retain an attorney if it wishes to prosecute the case under the law. BlackCrown CEO Franklin Tsung signed and filed the lawsuit Dec. 18, 2019, on his own behalf.

Tsung said the proposed $26 billion merger of the competing firms would, among other things, have anti-competitive effects on the market, and deprive and disenfranchise small independent wealth management firms or those with assets under management below $200 million.