Oil Futures Suit Can't Go To Arbitration, TD Clients Say

Law360 (October 30, 2020, 7:03 PM EDT) -- Clients who used TD Ameritrade's trading platform thinkorswim on Thursday told a federal judge in Chicago that their proposed class action over the company's management of oil futures' unprecedented dip below zero in April should not be sent to arbitration because "serious questions" exist about the purported arbitration terms.

In an Oct. 29 brief, plaintiffs Wei Wang and John Lindstrom asked U.S. District Judge Virginia M. Kendall to deny a request to compel their suit to arbitration, which was filed on Oct. 2 by defendants TD Ameritrade Inc. and thinkorswim, also known as TD Ameritrade Futures and Forex LLC.

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