Charles Schwab Corp.
is serious, this time. The brokerage has slapped a lawsuit against TD Waterhouse alleging that the competitor's advertising is "deceptive, misleading and patently false."
The two companies had previously reached an agreement where TD Waterhouse
agreed to "stop its false claims and disparaging descriptions of Schwab, but instead ran the misleading ad at least 28 additional times in violation of the agreement," Schwab officials stated in a release
The suit was filed in San Francisco County Superior Court.
"TD has been running millions of dollars of advertising that misleads investors and sullies our reputation with statements that are neither accurate nor fair. We are approaching our 30th year as the leader in the discount brokerage business, with a brand and a reputation that stands for good value and high quality service. This kind of disparagement simply crosses the line of honesty and fair play," stated Charles R. Schwab
, chairman and chief executive officer.
Meanwhile, Schwab reported on Wednesday that the firm brought in $6.3 billion in net new assets. Total assets were $1.089 trillion at the end of February, and revenue and asset-based trades were up 3 percent and 2 percent from January.
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