Scottrade accused of kickback scheme in class action

Published December 17, 2014 4:07pm ET



SAN DIEGO (Legal Newsline) – A class action lawsuit filed against financial broker Scottrade on Thursday alleges that the company violated its financial duties by directing customer funds to trading venues that gave Scottrade kickbacks. Nicholas Lewis, a resident of California, alleges Arizona-based Scottrade’s automated kickback system selects venues that give the company the largest payment, which violates the duty of best execution.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.