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E*Trade To Pay $4M To Settle MarketXT Suit >ETFC

Feb 29, 2008 Market Outlook

E*Trade To Pay $4M To Settle MarketXT Suit >ETFC

Last Update: 2/28/2008 7:39:18 PM

DOW JONES NEWSWIRES

E*Trade Financial Corp. (ETFC) said Thursday it agreed to pay $4 million to
settle a lawsuit with now-bankrupt MarketXT Holdings Corp. over assets E*Trade
bought from MarketXT in 2002.

E*Trade bought MarketXT’s Tradescape electronic brokerage units in an all-stock
deal in 2002. After the deal closed, the two companies filed suits against each
other, E*Trade alleging fraud in connection with the sale and MarketXT alleging
E*Trade held other potential Tradescape buyers at bay. MarketXT also blamed its
financial troubles in part on the slump in E-Trade’s stock price after the
Tradescape deal was announced.

E*Trade said it will pay the $4 million to the trustee for the bankruptcy estate
of MarketXT without admitting liability.

-Antonie Boessenkool, Dow Jones Newswires; 202-862-7139;
antonie.boessenkool@dowjones.com

(END) Dow Jones Newswires

February 28, 2008 19:39 ET (00:39 GMT)

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