Yes, he is. It's called negligence tort, just Google it. I've already contacted my attorney. Yes, they are responsible for advice they give. The reason why I posted here was just to see if anyone had a similar experience but everyone on here is highly dysfunctional. hahaha, I followed up with my attorney. I'm going to take my attorney's advice and not yours, the guy that hangs out on elite trader.
Question about lawsuit for broker
- Thread starter lasner
- Start date
I've already followed up with my attorney. Arbitration may not be legal due to Adhesion contract – They are forcing you to sign the contract to do business. I am a consumer with weaker bargaining power and they are a business, really a monopoly with a stronger bargaining power. They are basically forcing you to sign their contact. Every online brokerage is forcing customers to do this. And this is where an Adhesion contact can come into play
Right again,l I just followed up with my attorney and I am correct in what I was thinking. Again, I own a brokerage. It would be adhesion contract and negligence tort as well as Promissory estoppel.
That is in response to your previous assertion that the "advisor" needs to be licensed. I do agree that the OP has a case though but it's just purely purely from a cost point of view, it's not worth it to pursue legal action against the broker. This is why IB is still here otherwise it would've been long gone from the mountain of lawsuits that they would be under for handing out absolutely ridiculous advice from totally incompetent "advisors".
This is truly comical and really sad. People on this site are not business people or traders
You keep referencing IB and it is not IB. Most online brokers have had a huge amount of customers sign up due to casinos being closed. Gamblers are now trading. Brokers had to hire an enormous amount of representatives and they are not trained.
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No, because a lot of people don't understand their rights and don't understand business which is clearly evident by this post. The people posting on here are not business guys or finance guys, I can tell. If they were they would know that they have a case. And I'm sure most on here have experienced the same thing but just didn't know. Well now you know.
It doesn't qualify as adhesion. There is no precedent arguing adhesion. It's common practice within the industry. It clearly states that you don't have to sign, but they may reduce your leverage if you fail to do so as not signing leaves the broker open to unlimited liability and they are absolutely within their right to protect themselves from frivolous lawsuits.
You signed. lol.
Spend thousands to lose. I'd call you an insufferable queef, but you are posting under your surname so I don't want to be sued in small claims for libel.
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Ok, and you got your law degree from where? So Matlock, what qualifies as adhesion. Yes, there is adhesion and you do have to sign if you want to do business. Every broker structures it that way. If they have more bargaining power that is what leads to adhesion. That is what happens when you have monopolies, adhesion happens. Monopolies are rampant in this country.
They are forcing you to sign the contract. Either sign their contract or don't do business with them.
No, it states that you may have reduced leverage. It's not Medicare, dump truck. There is no precedent and literally thousands of ppl sign those arbitration agreements daily.
Sue them. They'll put your account on "closing only" and every time you attempt to open an account you'll lie and state that you haven't been a party to legal action involving a broker. You'll have trouble opening a RH account... I love it.
Barry, owning the local RE office in Metuchen ain't the same thing.
Please hire that dude and let us know how it goes!
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