A civil lawsuit that accused TD Ameritrade of wrongly claiming first-class postage discounts has been settled for $1.5 million.
TD Ameritrade Clearing, Inc. has agreed to pay the federal government to settle civil allegations, according to office of U.S. Deborah Gilg.
Prosecutors alleged that between October 2006 and September 2009, TD Ameritrade’s mailings did not qualify for the discounted First-Class Mail prices it claimed because the company had failed to update addresses on their mail with change-of-address information provided to the U.S. Postal Service.
The Postal Service offers lower postage prices to mailers who comply with Move Update and other requirements because these actions save the postal service time and money.
“Mailers that claim postage discounts for mailings that fail to comply with Move Update standards not only receive discounts to which they are not entitled, but hinder the work the postal service does every day to swiftly and accurately deliver the mail,” Gilg said. “This settlement ensures that postal service procedures are protected.”
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