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Started By
Message
re: Securities Lawyers.....Recovering Investment Losses
Posted on 3/11/13 at 12:32 pm to tgrbaitn08
Posted on 3/11/13 at 12:32 pm to tgrbaitn08
quote:
we discussed buying it but before I knew it he had already bought it.
quote:
I have the final say so on how it's used though.
doesn't sound like it
it may come down to your written agreement with him, but that may be your "in" right there
1
Posted on 3/11/13 at 12:32 pm to RickAstley
quote:
If you have to ask, you can't afford it.
Thats for a ZJ... Pretty sure Russian can afford an EJ
Posted on 3/11/13 at 12:34 pm to boosiebadazz
yeah, if he didn't have express written discretion on your account, your best case is that he placed a trade without your approval.
But keep in mind that if you try to play that card, it could very well end up bad for him and he could potentially lose his job and/or license.
IMO, chalk it up as a learning experience and don't make the same mistake twice with him. The class action lawsuit, if you want to get involved in that, is completely seperate issue.
But keep in mind that if you try to play that card, it could very well end up bad for him and he could potentially lose his job and/or license.
IMO, chalk it up as a learning experience and don't make the same mistake twice with him. The class action lawsuit, if you want to get involved in that, is completely seperate issue.
Posted on 3/11/13 at 12:37 pm to JPLSU1981
I think the default at EJ is for non-discretionary accounts (Thank God)
That's taken from their account agreement here (PDF):
LINK
quote:
II. Type of Account
Unless I have executed
an Edward Jones Advisory Solutions® agreement or an Edward
Jones Managed Account Program® (?MAP?) agreement in connection
with this account, the account I am opening with Edward Jones is for
broker-dealer services in a non-discretionary account.
That's taken from their account agreement here (PDF):
LINK
This post was edited on 3/11/13 at 12:38 pm
Posted on 3/11/13 at 12:38 pm to JPLSU1981
quote:
The class action lawsuit, if you want to get involved in that, will get you nowhere
Posted on 3/11/13 at 12:38 pm to tgrbaitn08
quote:That will be your friend's defense.
I have the final say so on how it's used though.
You directed him to buy it and you never told him to sell it.
You might get a few pennies back from a class action suit against what remains of the company's assets (if any) if you get your name on the lawyer's list.
Posted on 3/11/13 at 12:40 pm to LSURussian
I tried to make a movie reference to Beerfest
LINK
quote:
Barry Badrinath: It's $10 for a BJ, $12 for an HJ, $15 for a ZJ...
Landfill: [Interrupting] What's a ZJ? Barry
Badrinath: If you have to ask, you can't afford it.
Steve "Fink" Finklestein: [Trying to persuade Landfill] I've got $4.
LINK
Posted on 3/11/13 at 12:41 pm to Lsut81
I'm glad someone caught the reference
Posted on 3/11/13 at 12:41 pm to tgrbaitn08
Edward Jones as an organization is more at fault than your buddy. They are notorious for deploying unqualified "professionals" on low-middle class America. He simply doesn't have the skills or support to make reasonable investment decisions, and likely is oblivious to such.
I love this from EJ's QandA section:
I love this from EJ's QandA section:
quote:
Q. Do I need a college degree?
A. Although we prefer that our applicants have a college degree, it is not a requirement.
Posted on 3/11/13 at 12:44 pm to RedStickBR
wow
Posted on 3/11/13 at 12:50 pm to JPLSU1981
quote:
yeah, if he didn't have express written discretion on your account, your best case is that he placed a trade without your approval.
we have nothing in writing.
quote:
But keep in mind that if you try to play that card, it could very well end up bad for him and he could potentially lose his job and/or license.
Thats is the last thing that I want to happen
quote:
IMO, chalk it up as a learning experience and don't make the same mistake twice with him
dont worry, it most def will not.
quote:
The class action lawsuit, if you want to get involved in that, is completely seperate issue.
I'm going to look into that while I'm at it
Posted on 3/11/13 at 12:52 pm to tgrbaitn08
quote:
we have nothing in writing.
There has got to be something. You can't legally open an account without some form of agreement. Do you know which type of account you opened? (Look at the choices supplied above taken from one of their agreements; do any of those discretionary-type accounts ring a bell?)
This post was edited on 3/11/13 at 12:52 pm
Posted on 3/11/13 at 12:52 pm to tgrbaitn08
you aren't getting anything back
my aunt is a stockbroker and she has to forward the class action notices to clients all the time. she says most people get back like 7 cents
we get the notices, too. it's never worth pursuing.
my aunt is a stockbroker and she has to forward the class action notices to clients all the time. she says most people get back like 7 cents
we get the notices, too. it's never worth pursuing.
Posted on 3/11/13 at 12:55 pm to RedStickBR
quote:
There has got to be something. You can't legally open an account without some form of agreement
I have had some 401k's with them in the past, then I rolled them into a few IRA/Roth's but I have since moved all that money over to UBS. So when this all developed I guess I already had an open account.
The top of my statement says Traditional Individual Retirement Account.
Posted on 3/11/13 at 12:56 pm to RedStickBR
quote:
There has got to be something. You can't legally open an account without some form of agreement. Do you know which type of account you opened? (Look at the choices supplied above taken from one of their agreements; do any of those discretionary-type accounts ring a bell?)
well frick
Posted on 3/11/13 at 12:57 pm to boosiebadazz
Besides, you're essentially suing the managers of the company and arguing they violated the business judgment presumption, which is an extremely high bar absent fraud, gross negligence, etc. These cases rarely amount to anything. Lawyers circle the wagon nearly anytime any stock loses substantial value, a company is acquired, etc., etc. It usually results in nothing for the shareholders.
Posted on 3/11/13 at 12:58 pm to tgrbaitn08
Do you have online access to this account?
Do you get a monthly or quarterly statement (this is required by law)?
If you do get a statement (you do, somewhere), you should be able to get your account information, set up an online account, and retrieve a copy of your agreement.
Do you get a monthly or quarterly statement (this is required by law)?
If you do get a statement (you do, somewhere), you should be able to get your account information, set up an online account, and retrieve a copy of your agreement.
Posted on 3/11/13 at 12:58 pm to RedStickBR
i agree
just fishin for a settlement
just fishin for a settlement
Posted on 3/11/13 at 12:59 pm to RedStickBR
quote:
Do you get a monthly or quarterly statement (this is required by law)?
yes, Im looking at it right now
quote:
Do you have online access to this account?
no, I've never checked it online.
Posted on 3/11/13 at 1:01 pm to tgrbaitn08
Okay, step 1 for creating an online account on EJ's website is entering your account number (on your statement). That's as far as I can take the account creation process as I'm not an EJ customer. But do that and set up an account and try to get a copy of your agreement, then report back.
This post was edited on 3/11/13 at 1:02 pm
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