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Non-Tech : Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB -- Ignore unavailable to you. Want to Upgrade?

To: Scrumpy who wrote (25)	2/5/1999 9:30:00 PM
From: MoneyMade	Respond to of 253

Bernstein Litowitz Berger & Grossmann LLP Announces Nationwide Class Action Lawsuit Against ETrade Intensifies NEW YORK--(BUSINESS WIRE)--Feb. 5, 1999--The nationwide class action filed against ETRADE Group, Inc. has reached a new level of intensity as lawyers for the plaintiffs filed a motion for class certification on February 2, 1999, according to the firms of Bernstein Litowitz Berger & Grossmann LLP and Brian W. Newcomb, Esq. The case was originally filed on November 21, 1997 in the Superior Court of California, County of Santa Clara and has survived a previous motion to dismiss. ''It is ironic that the motion to certify the class was filed on the very day that ETRADE's trading systems, once again, were incapacitated,'' said Seth R. Lesser, from Bernstein Litowitz Berger & Grossmann LLP. ''This is the exact same problem alleged in the lawsuit. And, these problems have been systematic since at least September 1996 to the present day,'' he added. According to papers filed with the court, plaintiffs contend that ETRADE's inherent incapacity to process its customer trades in a reasonably timely manner violates its contractual obligations, its regulatory requirements and its fiduciary obligations to its customers. ETRADE's problems were exacerbated, according to plaintiffs allegations, by ETRADE's marketing of its brokerage services with promises the customers would be able to place trades and check on their accounts 24 hours a day and that trades placed while the markets were open would be executed in seconds. In support of their motion for class certification, plaintiffs submitted affidavits from Professor Michael J. Barclay, Professor of Finance at the University of Rochester's William E. Simon Graduate School of Business Administration and Junius Peake, Monfort Distinguished Professor of Finance at the University of Northern Colorado and former Governor and Vice-Chairman of the National Association of Securities Dealers, Inc. (NASD), detailing how E*TRADE's alleged actions can be litigated on a class-wide basis. Plaintiffs are represented by the law firms of Bernstein Litowitz Berger & Grossmann LLP and Brian Newcomb, Esq. Bernstein Litowitz Berger & Grossmann LLP has extensive experience in prosecuting class actions nationwide on behalf of defrauded consumers and investors. The firm plays a leading role in numerous major securities fraud and consumer actions currently pending in federal and state courts. If you have any questions regarding this lawsuit or need information about the class action, please contact Seth Lesser or Lisa Buckser at Bernstein Litowitz Berger & Grossmann LLP at 212-554-1400 or by e-mail at srlesser@blbglaw.com or by leaving a message on the firm's website at www.blbglaw.com. Contact: BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP Ava C. Thorin 212/554-1429 Related News Categories: banking