Crain’s Headlines: Charles Schwab Buying TD Ameritrade for $26B

Charles Schwab is buying TD Ameritrade for about $26 billion.

The deal, which will reshape the retail brokerage business, will also make TD Ameritrade founder and Cubs owner Joe Ricketts that much richer.

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The tie-up creates a mega-firm with $5 trillion in assets, which analysts say may attract the attention of antitrust regulators.

The deal comes after news of an acquisition broke last week, sending up shares of both firms.

In other Chicago-area news:

The founders of Outcome Health have been charged by a federal grand jury with a fraud scheme to overbill clients and deceive investors.

Rishi Shah and Shradha Agarwal, along with two other former executives, are named in the complaint unsealed Monday.

The pair have since been forced out of the health care ad-tech company, which is trying to rebuild its business. In separate statements, attorneys for Shah and Agarwal said they did not commit fraud.

Finally, one of the firms backing the Chicago’s new Time Out food hall has bigger plans for the Fulton Market District.

Chicago-based real estate investor L3 Capital is planning to redevelop a pair of bank branches and a parking lot in the neighborhood, after buying them for $19 million last month.

L3 is an investor in 50,000-square-foot Time Out Market Chicago, which opened this month.

Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.” 

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