Corrente v. The Charles Schwab Corporation

Docket number: 4:22-cv-00470 (E.D. Tex.)

Hamilton Lincoln Law Institute represents its director Theodore H. Frank, who objects to a settlement that provides nearly $9 million to plaintiffs’ attorneys, but only hypothetical future injunctive relief, which is not directed to the class.

The settlement arises from a class action alleging anticompetitive effects that allegedly occurred due to the merger of The Charles Schwab Corporation and TD Ameritrade, for which plaintiffs had sought to undo the merger and alleged substantial harm to consumers. Instead of providing cash or an injunction undoing the merger, plaintiffs settled for $8,250,000 in attorneys’ fees and nearly $700,000 in expenses, along with payments totaling $15,150 (only for the named plaintiffs, not the class). The settlement provides a monitoring program which provides no benefit to consumers, let alone benefits targeted to class members whose injunctive claims would be waived by the settlement.

Frank’s objection supports an objection filed by the State of Iowa, which raises these issues and also observes that attorneys’ appear to be grossly overstated.

A fairness hearing for the objection will occur August 28.

Case Documents