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Non-Tech : Waterhouse Securities
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To: Mama Bear who wrote (734)10/29/1998 1:01:00 AM
From: Julian Chen  Read Replies (2) of 2076
 
That may or may not cover them.

In my case (a year ago), I entered an order to sell and then
immediately changed my mind and cancelled the then open order.
30 minutes later I checked the status it stated clearly:

OPEN ORDER CANCELED.

It was that way all day long until market closed, around central
time 5:30pm an account manager from Waterhouse called and said
my shares were sold. I was so mad since that was the day of big
reversal and my CSCO was up more than 10 points from the selling
price. She then offered a slightly favorable trade price which
I rejected.

To make the long story short. I went on and on to discuss and argue
with Waterhouse, from account managers all the way to their VP that
was responsible for customer service. I can tell you that they all
the same: sorry our system screwed you but we are not going to do
anything about it.

I finally brought the case to NASD for arbitration and I am glad
to tell you that the arbitrator finally made his decision a few
days ago and YES!!! WATEROUSE IS LIABLE FOR THE FULL DAMAGE PLUS
FEES...

Frankly speaking, if Waterhouse showed any signs of courtesy then
I would willing to settle with them to avoid the trouble of
arbitraion. I can't stop reading the award letter since just by
reading it makes my day!

Julian
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