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Non-Tech : E-Trade "Class Action Lawsuit"
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To: kblaine flaherty who wrote ()7/30/1996 6:05:00 PM
From: Manish Dharwadker   of 128
 
Hi,

I have an account with E*Trade and I feel I have been screwed over.
Before E*Trade went self-clearing, Herzog, Heine and Geduld were
the brokers and would send a message if they needed more cash deposited
in my account. E*Trade never mentioned in their change brochure that
they were going to stop doing that.

The stock market is in the dumps and a few of my stocks are not doing too well
so in order to covber a cash trade (TEIM) of $400, E*Trade sells off one of my long
term stocks CHIP which I purchased for $1410 (now worth $350) without ANY
warning to make up for a $50 difference after selling TEIM whatsoever and I am left $1100 in the red because of that. A call to
them says that they are a cash-only house and they reserve the right to do as
they please. The portfolio menu on their home page (I trade exclusively by their
Web site), deceived me showing I had ample funds, therefore I did not sent the $400
which I had to cover. Now I am pretty much screwed out of $1100 and E*trade refuses
to acknowledge that they should have mentioned it in their brochure about NOT
letting one know of positions to be covered. So far the portfolio menu showed stocks purchased
and sold, now they maintain it is not reliable.

I am considering legal action/class-action lawsuit against E*Trade for unscrupulous trade
practises. I am a hard working person and I cannot afford to sell my stocks since the market is down
right now. Please advise me as to what I should do.

Desperate!!

Manish
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