SEC WON'T APPEAL COURT DECISIONThe Securities and Exchange Commission said that it would ask a court to allow four months for investors and their brokers to respond in light of a court decision affecting an estimated 1 million fee-based brokerage accounts.

In asking for a 120-day stay of the ruling of the Court of Appeals, the regulator said that it would not seek a further review of the March 30, 2007, decision that affects customer accounts holding an estimated $300 billion.

The appellate court ruling overturned SEC regulations permitting brokers to offer some fee-based services.

FISERV TO SELL INVESTMENT SUPPORT SERVICES BIZ

Technology products and services provider Fiserv Inc. agreed to sell its Fiserv Investment Support Services operations in two separate transactions.

TD Ameritrade Holding Corp. has agreed to acquire Fiserv Trust Co. and the accounts of Fiserv's institutional retirement plan and advisor services operations for $225 million in cash. TD Ameritrade also will offer an additional $100 million based on revenue targets over the 12-month period subsequent to closing.

As part of the transaction, Fiserv's registered investment advisor and retirement plan administrator clients will transition post-closing to TD Ameritrade.

Fiserv will also enter into a transition services agreement with TD Ameritrade, under which Fiserv will provide services for a period of up to six months after the closing.

In a separate transaction, Bob Beriault, who currently serves as group president for Fiserv ISS, has agreed to acquire the remaining accounts and capital of the investment support services business for approximately $50 million in cash. The company will provide back-office and custody services for 190,000 retirement accounts, with an estimated $16 billion in assets and $1 billion in federally insured deposits.

Fiserv will retain a preferred-share minority interest in the business. Fiserv ISS manages nearly 300,000 retirement and custodial accounts valued at $46 billion.

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