Judge Says Virus To Blame For Losses, Not TD Ameritrade

Law360 (December 18, 2020, 6:20 PM EST) -- An Illinois federal judge on Thursday said the COVID-19 pandemic was to blame for oil futures dropping into negative prices in April and not TD Ameritrade Inc. and its trading platform thinkorswim, tossing a suit against the companies that sought to hold them responsible for traders losing money over the unprecedented event.

The July suit from lead plaintiffs John Lindstrom and Wei Wang against TD Ameritrade and thinkorswim, or TD Ameritrade Futures & Forex LLC, alleged their financial losses from when oil futures went negative were the fault of TD Ameritrade's platform.

But on Thursday, U.S. District Judge Virginia M. Kendall...

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