Attorney General Andrew M. Cuomo today announced a settlement with TD Ameritrade, Inc. (“TD Ameritrade”), under which the company has agreed to return $456 million to investors across New York State and the nation holding illiquid auction-rate securities. Attorney General Cuomo also announced imminent legal action against Charles Schwab & Co. (“Schwab”) for deceptively selling auction-rate securities as safe, liquid, short-term investments that were similar to money market instruments. These are Attorney General Cuomo’s latest steps in his ongoing effort to restore liquidity to investors caught in the collapse of the auction-rate securities market. “I commend TD Ameritrade for working with regulators to restore investor confidence, and for joining what has become the single largest consumer recovery in history,”said Attorney General Cuomo. “But given a record replete with misrepresentations, it is disturbing that Charles Schwab, who had been holding itself out as an industry expert...