E-Trade "Class Action Lawsuit" Message Board

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

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To: johnny weissman who wrote (28)	6/26/1996 12:24:00 AM
From: Fred Weiss	of 128

I spent half the day today trying to get ETrade to act responsibly and came away burned. In an ongoing situation that began a week ago when they were out of commission from about 1:00 to 3:00 and were also unreachable by telephone, I tried to sell a position for a profit as it appeared to be heading south. The position was held onto rather than taking a substantial loss while waiting for response once they were at least receiving email again. After a couple of days, I was informed that a "broker" would be getting in touch with me to resolve the trade descrepency. That they had investigated my claim and determined it to be truthful. The broker finally calls last Friday and after discussion, he agrees and expresses his feeling that they will in fact buy my position at the price that existed when I first tried to reach them. Today he calls and says that I should have sold the stock for a loss at the time and then brought the matter to them. That they are willing to cover 1/2 point of my loss (7 points at this writing, plus another 3/4 point of unrealized profit). He then goes on to say, in essence, that if I don't like the offer I can appeal it. Later, I hear from another individual at ETrade that the new policy is that E*Trade will limit their loss to strictly the price that exists at the time you notify them of a trade descrepency. That can be kind of brutal when they can't be notified of anything for 2 hour stretches at a time! And, of course, if you notify them by phone, you will lack any access to time of day and content records. This company is totally irresponsible and I hope everyone who gets burned by them will warn others at the very least. If I can be of any assistance in this proposed lawsuit, please let me know. Fred Weiss

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