TD Ameritrade Client Class Certification Overturned On Predominance Issues

Mealey's (April 27, 2021, 2:11 PM EDT) -- ST. LOUIS — A federal judge in Nebraska abused his discretion in certifying a class of TD Ameritrade Holding Corp. clients in a securities fraud action against the online trader and its subsidiary and CEO because an algorithm the lead plaintiff’s expert contended could be used to determine the economic loss for each class member would not meet the predominance requirement of Federal Rule of Civil Procedure 23(b)(3), an Eighth Circuit U.S. Court of Appeals panel ruled April 23 in reversing and remanding for further proceedings....