Judge throws out suit that aimed to block Schwab acquisition
RIA BlackCrown violated procedure by filing antitrust lawsuit without attorney
A federal judge in New York has thrown out an antitrust lawsuit seeking to block the $26 billion takeover of TD Ameritrade Holding Corp. by the Charles Schwab Corp.
District Judge Gregory H. Woods said the suit, brought by BlackCrown, an Old Westbury, N.Y.-based registered investment adviser, violated federal procedure because it was not filed by an attorney, as is required for corporate entities bringing suits.
The judge said the suit could be refiled if BlackCrown is represented by a lawyer.
BlackCrown Chief Executive Franklin Tsung signed the complaint as a pro se litigant, meaning that he was representing himself.
[More: What will happen to the little RIA when Schwab acquires TD Ameritrade?]
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