Has anyone done this?
Does anyone know a good lawyer or law firm who can assist in the process?
Does anyone know a good lawyer or law firm who can assist in the process?
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Arbitration/Settlement with Interactive Brokers over negative balance
- Thread starter Vanguard616
- Start date
I'm looking for info on the same, went from +22K to -25K CAD in the depegging.
IB's trading desk called to ask when they could expect a deposit to cover the negative balance. I asked what was happening with their margin violation position liquidation program during the move, and was directed to make a ticket inquiry through the message center. Recieved the following reply:
As detailed under IB Canada customer agreement, IB reserves the right, but does not have the obligation to enforce real time liquidation.
Regards
Yxxxxx
IB CA
Vanguard616, any luck or more info on this?
IB's trading desk called to ask when they could expect a deposit to cover the negative balance. I asked what was happening with their margin violation position liquidation program during the move, and was directed to make a ticket inquiry through the message center. Recieved the following reply:
As detailed under IB Canada customer agreement, IB reserves the right, but does not have the obligation to enforce real time liquidation.
Regards
Yxxxxx
IB CA
Vanguard616, any luck or more info on this?
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.
Are NFA arbitration results public? How did you learn about that one?
http://www.robinskaplan.com/lawyers/craig-weiner but expensive not worth 20k lossHas anyone done this?
Does anyone know a good lawyer or law firm who can assist in the process?
I don't think they charge you for a NFA complaint on there web site.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 don't think they charge you for a NFA complaint on there web site.
But if you start an arbitration and lose. Here is a similar case. A client ended up with a 30K negative balance. Didnt want to pay and started a NFA arbitration. The decision was he had to pay the 30K and 26K legal fees on top of it.
http://www.nfa.futures.org/basicnet/Arbitration.aspx?entityid=0317696&case=08ARB00052
Understood arbitration is one thing an investigation into a complaint is anotherBut if you start an arbitration and lose. Here is a similar case. A client ended up with a 30K negative balance. Didnt want to pay and started a NFA arbitration. The decision was he had to pay the 30K and 26K legal fees on top of it.
http://www.nfa.futures.org/basicnet/Arbitration.aspx?entityid=0317696&case=08ARB00052
What is they start the arbitration and you loose, do you pay?Understood arbitration is one thing an investigation into a complaint is another
What is they start the arbitration and you loose, do you pay?
Of course, all their expenses, that the main practice for court