Arbitration/Settlement with Interactive Brokers over negative balance

[mikeman]

Of course, all their expenses, that the main practice for court

However FINRA says
In an award, the panel will decide whether to assess any costs and forum fees against any party, and how to allocate those costs and fees among the parties.

http://www.finra.org/arbitrationandmediation/arbitration/process/decisionawards/

 

[mikeman]

However FINRA says
In an award, the panel will decide whether to assess any costs and forum fees against any party, and how to allocate those costs and fees among the parties.

http://www.finra.org/arbitrationandmediation/arbitration/process/decisionawards/

Here is an example legal fees denied: http://finraawardsonline.finra.org/viewdocument.aspx?DocNB=63285

 

[mikeman]

Here is an example legal fees denied: http://finraawardsonline.finra.org/viewdocument.aspx?DocNB=63285

Its interesting in this little case it took a year and 2 months from filing to resolution.

 

[mikeman]

Starting a NFA arbitration without a good chance to win it can be dangerous, since you will have to pay IB's legal expenses if you outright lose the case. There was another similar case with a futures firm, NFA decided against the customer, and he had to pay an additional 20K on top of what he owed to the broker. So think twice.

I have reviewed several FINRA cases from 2012 to the present, I haven't found one where they assessed attorney fees to anyone. Sometimes the arbitration fees are split.
http://finraawardsonline.finra.org/search.aspx

 

[jamelliott]

I've received a reply from IB regarding my dispute of the negative balance. They stand by their "right, not obligation" statement and are asking me to make arrangements to deposit into my account in order to cover the negative balance. They further state that if I'm dissatisfied with the resolution of my complaint that I may refer this to the Finacial Ombudsman Service and arbitration through IIROC (Investment Industry Regulatory Organization of Canada).

Are there any other Canadian customers of IB that are in a similar situation? I would like to form a group of Canadian clients, if possible, so that we may pursue a more favorable outcome together.

Please send me a private message or reply to this thread.

 

[nc23radon]

Just want to make sure people are aware of how cmc is handling the event - refunding all clients after the UK financial ombudsman has ruled in client's favour and against CMC Markets.

"...I think that the business hasn't acted fairly... "My conclusion therefore is that the complaint should be upheld."
It goes onto say that cash adjustments should be reversed, any interest on paying negative balances should be refunded along with various compensatory payments for the people stuck in this 10 month saga.

http://www.reuters.com/article/2015/...12Y4N520151104
http://news.forexlive.com/!/cmc-mark...rades-20151021

My lawyers and I have still been unable to gain any response from Interactive Brokers. Has anyone heard anything?

Thanks

 

[Pippi436]

So at what price will they fill eur/chf orders?

 

[stevegee58]

Surely everyone playing the CHF peg "sure thing" must have realized they were playing with dynamite.
Right?