Incorrect broker statement - is broker liable?

[RosyScenario]

My profile is stale. I'll update it.

LOL

 

[SideShowBob]

My broker apparently had a system problem yesterday and failed to allocate a trade to my account during the day (trades were entered by an automated trading system). I noticed at end of day I was not flat (this happens occasionally due to a problem in the synchronization) and closed out the open position (or so I thought - I was actually flat but their system showed I was long, so I sold one contract to go flat according to their system).

End result, I was short a futures contract overnight. Their nightly statements did not show the open position. This morning they discovered the problem and added the short position to my account, now down $700. As soon as the "fill" appeared this morning I noticed it and closed out the position.

Question - since their statements and system were incorrect, do I have any recourse? Not sure it's worth my time but I'm royally pissed eating a loss because of their error.

End result of the whole fiasco was they didn't iron out the issue for a week, at which point I was up $2500 in a phantom open position I couldn't see. So I came out ahead in the end. Still left with a bad taste on my mouth that this could go on for a week.

 

[Ghost_of_Blotto]

Hey @SideShowBob, take a look at @garachen's Profile page, his opinion may be biased on this topic. Consider paying him no mind.

Is @garachen an ET vendor? He seems to be selling something.

Four years ago @garachen gave me his telephone number and spent fifteen minutes talking to me about how I could reduce my exchange fees. He then introduced me to a contact at a clearing firm.

Last year, he met one of my trading friends in Chicago and hooked him up with an interview at a well known trading company.

For those with discernment it is obvious that his posts are mostly factual with very little opinion, and when opinions are shared they are well grounded in experience.

@garachen is successful in business and trading - it is rare for someone at his level to have the altruism and patience to contribute here. Slandering his motives is disrespectful and also harms those thoughtful, respectful, humble people who want to work hard and learn.

Whether you can learn from this experience makes no difference to me or @garachen - but your life will be harder if you can't move beyond the impulse to behave arrogantly and disrespectfully.