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Email On April 23, 2021, in Ford v. TD Ameritrade Holding Corp., a panel of the U.S. Court of Appeals for the Eighth Circuit reversed a district court order certifying a class action alleging that TD Ameritrade committed securities fraud by failing to comply with the duty of best execution in executing customer orders. The decision deals a blow to securities class actions based on violations of a broker’s best execution obligation and highlights the difficulties investors face in certifying securities fraud claims outside a typical disclosure-based stock-drop case. https://www.cadwalader.com/resources/clients-friends-memos/securities-litigation-update-eighth-circuit-closes-the-door-on-securities-class-action-alleging-violation-of-brokers-duty-of-best-execution-highlighting-class-certification-challenges-in-atypical-fraud-cases