US Online Brokers Reach Settlement of Securities

McCarthy Tétrault LLP and Groia & Co. represented US online brokers in the first simultaneous cross-Canada settlement of a major securities enforcement action with Canadian securities regulators. The case involved cross-border Internet orders placed by Canadian clients of Datek, Ameritrade, Inc. and TD Waterhouse. The companies were not registered in Canada to execute trades or orders for Canadian residents.
Datek was represented by McCarthy Tétrault LLP’s Paul Steep (litigation) and Rene Sorell and Riva Richard (securities regulatory). Ameritrade was represented by Joe Groia and Janice Wright of Groia & Co. Paul Morrison (litigation) and Michael Nicholas (securities regulatory) of McCarthy Tétrault represented TD Waterhouse Investor Services, Inc. (US). McCarthy Tétrault lawyers led the negotiations of the global settlement package and drew on the resources of the McCarthy Tétrault/Fried Frank Alliance.