new TDAmeritrade EULA arbitration agreement

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barata

I just started up Think or Swim, my monthly check of 52 Week New Lows, and was faced with a new EULA. A quarter of the way into it is this bold-faced line: "the parties hereby waive all rights to a trial by jury in litigation relating to this license". I can't start up TOS without agreeing to the new EULA.


I have strong feelings about this corporate device for removing a right that we have had for so many years, so I'm looking around at other brokers.

But have I already been under a similar arbitration agreement with TDA, just didn't know about it? And what about other brokers, for example does Interactive Brokers have such an agreement in it's contracts. Are there brokers who don't?

I won't miss Think or Swim one twit, but where else can I follow the 52 Week New Lows...?
 
barata said:
I just started up Think or Swim, my monthly check of 52 Week New Lows, and was faced with a new EULA. A quarter of the way into it is this bold-faced line: "the parties hereby waive all rights to a trial by jury in litigation relating to this license". I can't start up TOS without agreeing to the new EULA.


I have strong feelings about this corporate device for removing a right that we have had for so many years, so I'm looking around at other brokers.

But have I already been under a similar arbitration agreement with TDA, just didn't know about it? And what about other brokers, for example does Interactive Brokers have such an agreement in it's contracts. Are there brokers who don't?

I won't miss Think or Swim one twit, but where else can I follow the 52 Week New Lows...?
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Why do you need to start a litigation with them?
 
I don't recall saying anything about litigation. I'm concerned about the loss of a basic right, the right to have jury trials. Arbitration agreements have become ubiquitous, even if many people aren't aware of them. They are in credit card agreements, and many of the common contracts and agreements signed by unsuspecting consumers. Even doctors often try to get a new patient to sign an arbitration agreement.

I'm sure you can find out how prevalent this practice is by doing a little research. If you're concerned, that is.
 
barata said:
I don't recall saying anything about litigation. I'm concerned about the loss of a basic right, the right to have jury trials. Arbitration agreements have become ubiquitous, even if many people aren't aware of them. They are in credit card agreements, and many of the common contracts and agreements signed by unsuspecting consumers. Even doctors often try to get a new patient to sign an arbitration agreement.

I'm sure you can find out how prevalent this practice is by doing a little research. If you're concerned, that is.
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I still don't understand your point. If you don't plan to sue them why don't you want to sign their agreement? Secondly, no agreement can stop you from suing them for real(!) monetary damage you suffered from their actions.
 
barata said:
I just started up Think or Swim, my monthly check of 52 Week New Lows, and was faced with a new EULA. A quarter of the way into it is this bold-faced line: "the parties hereby waive all rights to a trial by jury in litigation relating to this license". I can't start up TOS without agreeing to the new EULA.


I have strong feelings about this corporate device for removing a right that we have had for so many years, so I'm looking around at other brokers.

But have I already been under a similar arbitration agreement with TDA, just didn't know about it? And what about other brokers, for example does Interactive Brokers have such an agreement in it's contracts. Are there brokers who don't?

I won't miss Think or Swim one twit, but where else can I follow the 52 Week New Lows...?
More...

This is standard language in the industry. You can't get away from it by changing brokers.
 
Arbitration just means that everyone’s expenses are lower in resolving a dispute.

You can still sue and a court may hear your case even if the contract you signed says you have to go to arbitration.
 
Thanks, Robert Morse, for letting me know. I'm not surprised, but I am saddened, to hear that this is the norm in the stock brokerage industry.
 
barata said:
Thanks, Robert Morse, for letting me know. I'm not surprised, but I am saddened, to hear that this is the norm in the stock brokerage industry.
More...
This has been the norm for as long as I can remember.
https://www.sec.gov/oiea/investor-alerts-bulletins/ib_arbitration.html

Arbitration Clauses

Most, if not all, account agreements between broker-dealers and their customers have arbitration clauses. The arbitration clauses usually require customers to arbitrate any disputes with the broker-dealer. They also usually prevent customers from suing broker-dealers in court. If no agreement to arbitrate exists, a broker-dealer may not compel its customer to arbitrate. However, FINRA’s Code of Arbitration Procedure allows a customer to compel a broker-dealer or person associated with a broker-dealer to arbitrate a dispute at the customer’s request.
 
barata said:
..."the parties hereby waive all rights to a trial by jury in litigation relating to this license". I can't start up TOS without agreeing to the new EULA. ...
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That is the SOP in practically any software-related EULA, that has ever been and ever will be.
 
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