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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: FtrPlt who wrote (6492)	5/18/1999 4:32:00 AM
From: Thai Chung	Respond to of 13953

May 18, 1999 Judge Denies Class-Action Status For ETrade Investor Lawsuit By a WALL STREET JOURNAL Staff Reporter PALO ALTO, Calif. -- Online broker ETrade Group Inc., whose recent computer glitches have spawned several investor lawsuits, received some good news on the litigation front. A California judge denied a request from five ETrade investors to certify their suit, originally filed in November 1997, as a class action. Class-action certification could have allowed more investors to sue for damages. Judge Robert Baines, of Santa Clara County Superior Court, denied the petition after a two-hour oral argument May 7. Seth R. Lesser, one of the lawyers for the investors, called the ruling "a disappointment," but he said it "doesn't affect any of the claims in this case." The suit alleges that ETrade's service problems delayed investors' trade executions, and that ETrade's advertising, which promised investors fast and efficient trading online, was deceptive. ETrade officials couldn't be reached for comment. ETrade's quarterly report, filed with the Securities and Exchange Commission Monday, lists seven other pending investor lawsuits, including three relating to the three-day computer meltdown ETrade faced in early February. All seek class-action status. Two of the cases have been consolidated in Santa Clara County court, the report said, and one involves a complaint over E*Trade's distribution of initial public offerings.