Schwab-TD Ameritrade Merger Plaintiff Told Try Again With Lawyer

Charles Schwab & Co. doesn’t have to face an antitrust challenge to its planned $26 billion acquisition of TD Ameritrade Holding Corp. until the plaintiff gets an attorney, a Manhattan federal judge ruled.

“Corporate entities—such as BlackCrown Inc.—must appear before the court through counsel,” Judge Gregory H. Woods wrote. “BlackCrown Inc. must retain an attorney should it wish to prosecute this case.”

BlackCrown, a registered investment adviser (RIA) focused on mergers and acquisitions, claimed in a lawsuit filed late last year that the proposed deal would “transform” the $4 trillion wealth management industry, decimating smaller RIAs that rely on Schwab ...