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.
SOURCE The Charles Schwab Corporation; TD Waterhouse Group, Inc.
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Related links:
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
CONTACT:
Media for Charles Schwab - Glen Mathison,
+1-415-636-5454; Media for TD Waterhouse - Doug Rozman,
+1-212-806-3533
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