E-Trade "Class Action Lawsuit" Message Board

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

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To: Fred Weiss who wrote (29)	6/26/1996 6:08:00 PM
From: Jeff Gibbons	of 128

Fred, I agree with you that ETRADE is totally irresponsible. I have finally sold all my positions with them and removed all my money. Today I wrote the letter requesting them to close my account. What a relief at long last. I had a problem where I had a stock that split 2 for 1 and my etrade account did not reflect this for 4 days after it started to trade at the split price. I called etrade and they said they could not adjust this until they received the dividend shares. They said any order to sell them would get kicked out to a broker who would see that the split should allow the trade and then the broker would let it through. Of course this would slow the trade down but what does etrade care. I decided to sell and an 1 1/2 hours later I am informed that the trade was rejected. I call, wait 20 minutes on hold, and find that the broker rejected the trade - incorrectly. This started a long nightmare but I finally got the broker to agree to honor the original trade at the price on the time and tape. But later she tried to renege on her agreement. When the customer makes a decision and trades, that customer is bound by the decision. But apparently when etrade brokers make decisions, they can rethink them and change their mind. I argued that the broker was just as bound by her agreement as I was when I placed trades. Etrade eventually honored the original trade but at the worst price in the vicinity of when the trade was placed. I believe I got burned for 1/2 point but it could have been even worse. Fred, if you truly believe the broker agreed to do the trade at the price when you originally tried to trade, then you should hold them to this. But the way you state it, it is not clear whether the broker did this. In any case, good luck. I have already convinced several of my friends to leave etrade (that wasn't hard) and several others not to get entangled in the first place. BTW, I noticed a few days ago in the Boston Globe that Lester Thurow, former dean of the Sloan School of Management at MIT (the MIT business school) has been appointed to the Board of Directors of ETrade. He's a smart guy so I just don't think he can know how ETrade actually performs. Kind of like when John Scully joined that mess called Spectrum Information Technologies after he left Apple and then sheepishly slipped away when he found out what crooks they were.

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