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Non-Tech : Auric Goldfinger's Short List
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To: Deeber who wrote (8145)8/19/2001 5:40:09 PM
From: RockyBalboa  Read Replies (1) of 19428
 
Ponte Nossa! Jesus. Actually they issued 26 new (different?) certs for one old, didn't they? At least it was announced that way.

What I see from my online brokers is that they have actually far-reaching rights to trade in your account, for several reasons like buy-in a short position when the shares aren't available to borrow, liquidate "highly concentrated" positions whatever that is. When I read through the agreements I signed with one online broker then it looks like he is indemnified for everything, especially computer failure (inacessability of trading sites), human error on his side, no assessment of non-solicited trades (which online trades always are...)

Before sueing you should check back with an experienced lawyer to which rights and indemnifications (for the broker) you consented when you opened the account.

My personal opinion is: The buy-in is difficult to contest as the shares can not be borrowed easily and brokers are usually entitled to carry out buy-ins when delivery of the shares requires it.
The human error should be covered by insurance which the broker should have contracted to mitigate such damages.
It will be difficult to prove what happened as long as you don't have a copy of the taped conversations.
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