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Non-Tech : E-Trade "Class Action Lawsuit"
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To: Bruce Cullen who wrote (94)8/8/1996 9:10:00 PM
From: Bruce Cullen   of 128
 
Some customers blame E*Trade for losses incurred because of these problems and a class action lawsuit is gathering steam from a group of investors that frequent the Silicon Investor Web site.

Resentments have also been built up because of lack of confidence in E*Trade to accept responsibility for its systemÕs faults--a song we hear over and over again in the interactive industry. E*Trade began addressing some of the system problems in June and by had July increased communications capacity four fold. Investments are protected for up to $10 million--$500,000 by the Security Investor Protection Corporation (PIPC) and $9.5 million by Aetna Casualty & Surety Company, but this does not solve a customer relations crisis whereby to customers feel that system delays are costing them money and the brokerage service accuses them of bad trading decisions. These may be selected cases, but Intel felt its chip flaw was too obscure to address complaints as well. This issue will be increasing important for online financial services where consumers will not tolerate glitches that effect account balances. IntuitÕs rule number one is always to listen and respond to the customer. This has provided them with a smooth transition from software company to a financial service player that takes criticism for its competitive edge rather than its service. E*Trade can take a valuable lesson from this, in clarifying its accounts and responsibilities before these issues taint its name.

Phoebe Simpson
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