Investor Claims Against TD Ameritrade Subject To SLUSA Preclusion, Panel Rules

Mealey's (May 14, 2018, 10:19 AM EDT) -- ST. LOUIS — An Eighth Circuit U.S. Court of Appeals panel on May 10 ruled that a federal district court properly determined that investor claims in three related lawsuits against broker services provider TD Ameritrade were precluded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA) because their claims were not merely breach of contract claims but instead were based on a misrepresentation or omission and were made “in connection with” the purchase or sale of a security (Jay Zola, et al. v. TD Ameritrade Inc., et al., No. 16-3013; Tyler Verdieck v. TD Ameritrade Inc., et al., No. 16-3016; and Michael Sarbacker v. TD Ameritrade Inc., et al., No. 16-3019, 8th Cir., 2018 U.S. App. LEXIS 12261)....