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Technology Stocks : Emulex, What Prospects?
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To: changedmyname who wrote (603)8/26/2000 10:28:58 PM
From: HoyaBob  Read Replies (1) of 788
 
Good points: But what about the Widows Mutual Fund which had a stop loss which executed automatically? Let's say some of the 2.7 billion loss in market cap was generated by automatic stop loss orders like this. While normally the stop loss is said to be the best protection, here it created a trap for the prudent. There was actually no contract to sell under such fraudulent circumstances, was there? I suppose the brokerage contracts are written to insulate the brokerages from liability in such cases, but courts could always use equitable principles to ignore such agreements, since the parties never knowingly agreed to these particular circumstances. I ask you --socratically, of course -- what would the law presume of the parties under such circumstances? Reasonable parties. And in this case, the defrauded parties have acted reasonably, but under fraudulent circumstances beyond their control. There can be no contract under these circumstances.
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