Securities Lawyers.....Recovering Investment Losses | Page 2 | TigerDroppings.com

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boosiebadazz
Member since Feb 2008
46038 posts

re: Securities Lawyers.....Recovering Investment Losses


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






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Lsut81
USA Fan
Member since Jun 2005
65314 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

If you have to ask, you can't afford it.



Thats for a ZJ... Pretty sure Russian can afford an EJ








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JPLSU1981
LSU Fan
Baton Rouge
Member since Oct 2005
17625 posts

re: Securities Lawyers.....Recovering Investment Losses


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.






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RedStickBR
LSU Fan
Member since Sep 2009
10076 posts

re: Securities Lawyers.....Recovering Investment Losses


I think the default at EJ is for non-discretionary accounts (Thank God)

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 at 12:38 pm


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BigErn
LSU Fan
Member since Mar 2007
2061 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

The class action lawsuit, if you want to get involved in that, will get you nowhere






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84243 posts
 Online 

re: Securities Lawyers.....Recovering Investment Losses


quote:

I have the final say so on how it's used though.
That will be your friend's defense.

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.






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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1634 posts

re: Securities Lawyers.....Recovering Investment Losses


I tried to make a movie reference to Beerfest
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






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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1634 posts

re: Securities Lawyers.....Recovering Investment Losses


I'm glad someone caught the reference





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RedStickBR
LSU Fan
Member since Sep 2009
10076 posts

re: Securities Lawyers.....Recovering Investment Losses


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:

quote:

Q. Do I need a college degree?

A. Although we prefer that our applicants have a college degree, it is not a requirement.






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boosiebadazz
Member since Feb 2008
46038 posts

re: Securities Lawyers.....Recovering Investment Losses


wow





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tgrbaitn08
Hawaii Fan
In my car
Member since Dec 2007
41305 posts

re: Securities Lawyers.....Recovering Investment Losses


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






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RedStickBR
LSU Fan
Member since Sep 2009
10076 posts

re: Securities Lawyers.....Recovering Investment Losses


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 at 12:52 pm


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boosiebadazz
Member since Feb 2008
46038 posts

re: Securities Lawyers.....Recovering Investment Losses


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.






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tgrbaitn08
Hawaii Fan
In my car
Member since Dec 2007
41305 posts

re: Securities Lawyers.....Recovering Investment Losses


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.






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tgrbaitn08
Hawaii Fan
In my car
Member since Dec 2007
41305 posts

re: Securities Lawyers.....Recovering Investment Losses


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






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RedStickBR
LSU Fan
Member since Sep 2009
10076 posts

re: Securities Lawyers.....Recovering Investment Losses


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.





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RedStickBR
LSU Fan
Member since Sep 2009
10076 posts

re: Securities Lawyers.....Recovering Investment Losses


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.






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boosiebadazz
Member since Feb 2008
46038 posts

re: Securities Lawyers.....Recovering Investment Losses


i agree

just fishin for a settlement






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tgrbaitn08
Hawaii Fan
In my car
Member since Dec 2007
41305 posts

re: Securities Lawyers.....Recovering Investment Losses


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.






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RedStickBR
LSU Fan
Member since Sep 2009
10076 posts

re: Securities Lawyers.....Recovering Investment Losses


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 at 1:02 pm


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