E-Trade To Pay $4M To Settle Thorny MarketXT Suit

Law360, New York (February 29, 2008, 12:00 AM EST) -- E-Trade has settled a lawsuit stemming from a $280 million all-stock deal it made with the now-bankrupt securities trading service provider MarketXT, ending years of litigation on both sides.

E-Trade Financial Corp's 10-K filing with the U.S. Securities and Exchange Commission Thursday says that, without admitting liability, it agrees to pay just shy of $4 million to MarketXT, securing a general release from suits each company has filed.

"E-Trade believed that proceeding to trial was the only way to demonstrate the merit in its position, but...
To view the full article, register now.