Joint Press Release from Charles Schwab and T.D. Waterhouse USA
May 25 2005 - 10:01AM
PR Newswire (US)
Joint Press Release from Charles Schwab and T.D. Waterhouse USA SAN
FRANCISCO and NEW YORK, May 25 /PRNewswire-FirstCall/ -- The
Charles Schwab Corporation (NYSE / Nasdaq: SCH) and TD Waterhouse
USA agreed today to settle the lawsuit filed by The Charles Schwab
Corporation against TD Waterhouse Group, Inc. on March 14, 2005,
alleging that TD Waterhouse advertisements had unfairly linked
Charles Schwab's pricing and commission structure with full
commission brokerage firms like Merrill Lynch. Under the terms of
the agreement TD Waterhouse will discontinue the advertisements
challenged by Schwab. In addition, TD Waterhouse apologized for
certain of its television advertisements which characterized Schwab
as among "higher priced" brokerage firms and which may have created
negative impressions about the quality of Schwab's customer
service. The prompt resolution was the result of both companies'
desire to move forward with their businesses, without the
distraction and expense of litigation. About Charles Schwab The
Charles Schwab Corporation (NYSE / Nasdaq: SCH), through its
operating subsidiaries, provides securities brokerage and financial
services to individual investors and the independent investment
advisors who work with them. With over 7 million individual
investor accounts and more than $1 trillion in client assets, The
Charles Schwab Corporation is one of the nation's largest financial
services firms. Its subsidiary Charles Schwab & Co., Inc.
(member SIPC) provides a complete range of investment services and
products, including an extensive selection of mutual funds;
financial planning and investment advice; retirement plans;
referrals to independent fee-based investment advisors; and
custodial, operational and trading support for independent
fee-based investment advisors. Its subsidiary Charles Schwab Bank,
N.A. (member FDIC) provides banking and mortgage services and
products. The corporation's other operating subsidiaries include
U.S. Trust Corporation (member FDIC) and CyberTrader(R), Inc.
(member SIPC). These companies' Web sites can be reached at
http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/. About TD
Waterhouse TD Waterhouse Group, Inc., provides investors and
financial advisors with a broad range of brokerage, mutual fund,
banking, and other consumer financial products. Worldwide, TD
Waterhouse currently has 3.2 million active customer accounts. TD
Waterhouse is a wholly-owned subsidiary of The Toronto-Dominion
Bank (NYSE/TSE: TD) and part of TD Bank Financial Group.
Headquartered in Toronto, Canada, with offices around the world, TD
Bank Financial Group offers a full range of financial products and
services to approximately 13 million customers worldwide. In the
U.S., brokerage services are provided through TD Waterhouse
Investor Services, Inc., Member NYSE/SIPC. DATASOURCE: The Charles
Schwab Corporation; TD Waterhouse Group, Inc. CONTACT: Media for
Charles Schwab - Glen Mathison, +1-415-636-5454; Media for TD
Waterhouse - Doug Rozman, +1-212-806-3533 Web site:
http://www.tdwaterhouse.com/ http://www.schwab.com/
http://www.schwabbank.com/ http://www.ustrust.com/
http://www.cybertrader.com/ Company News On-Call:
http://www.prnewswire.com/comp/959635.html
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