E*Trade investor cancels trading plan for sale of 120 million shares

By Lisa Kerner

Charlotte, N.C., Aug. 31 - Citadel Investment Group, LLC said its affiliate, Citadel Equity Fund, Ltd., terminated the Aug. 11 rule 10b5-1 trading plan it entered into in connection with its holdings of E*Trade Financial Corp.

The plan provided for the sale of up to 120 million E*Trade shares, or about 10% of Citadel's holdings on an as-converted basis.

As previously reported, the per-share price for each sale would have been at least $1.20.

According to Citadel, no sale of E*Trade common stock has been made under the plan, which was to begin on Monday.

Citadel said in August that the plan would allow the investor to reduce its total exposure to E*Trade "in an orderly manner."

E*Trade is a financial services company based in New York.

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