E-Trade "Class Action Lawsuit" Message Board

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Non-Tech : E-Trade "Class Action Lawsuit"

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To: Skeeter Bug who wrote (24)	6/23/1996 2:34:00 AM
From: Fred Weiss	of 128

Since most traders have a natural inclination to trade long and since the tech stocks have be declining rapidly - do you think you get 50-50 winners and losers from slow executions, slower reporting, 1 to 3 day response time to problems and constant system breakdowns? Even the short traders get the shaft. I sold short on Copytele recently at what was supposed to be 18 1/8. ETrade had a notice on their page that executions were being handled promptly but that reporting would be slightly delayed. About an hour later I entered the trading page to cover at 16 1/8 only to find that they had just executed my trade at 16 1/8. By the time I actually got a human being to check out the situation, the stock had first gone back up over 18 (scary) and finally dropped to 15 1/8 when I did cover. After their fair investigation, they declined to do anything about it, claiming that there had been no uptick. There had been, but by the time you go through arbitration and appeals and all the red tape, it just isn't worth it. I count myself lucky that I still got a profit out of the deal. I now content myself with warning others not to do business with ETrade.

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