Any recourse for COCO?

Discussion in 'Trading' started by Toonces, Dec 5, 2003.

  1. Toonces


    Does anyone know what individual traders who got screwed can do? Can we form a class action lawsuit against Nasdaq? Do we just bitch to our brokers and let them handle it?
  2. if you mean for the busted trades there is no recourse.
  3. Toonces


    So Nasdaq can bust trades for any reason they want, wait a couple hours to tell anyone, and not be held accountable? Are they God?

    I certainly hope you're wrong. :)
  4. it sucks but i think they can. they never should have opened that stock until the decision was made about the bust.
  5. Cutten


    You may be able to win a class action lawsuit. But it will take years, cost you a lot of time, $$$, and effort, and then when the multi billion settlement comes through, a handful of lawyers will take $1 billion whilst everyone else gets $10 each.
  6. Swipe


  7. i'mlong


    i hear that some firms' legal counsel are working on this situation
  8. pspr


    If I were one who got the shaft on COCO today I would do three things.

    1) I would send a certified letter with details of my loss and how it occurred to my Senator and Congressman.

    2) I would send the same to the SEC requesting an investigation and that someone there contact you by telephone concerning the matter immediately.

    3) And, I would contact a good lawyer who is familiar with and experienced with securities law. Maybe call that guy who advertises on CNBC all the time who says, "we identify broker misconduct".

    And, I would especially never let them tell you 'tough luck'. If shares were offered for sale and you bot them then sold them later for a profit then not only had that profit taken from you and given a loss then you have every right to demand compensation. It is not your error it is someone elses and they should be the one(s) incurring the loss, not you. We've all made trades we wished we could take back but to my knowlege the brokers and exchanges would laugh in our face if we told them we didn't mean to make that trade and ask them to bust it please. A trade is a contract to perform for both parties as far as I am concerned.
  9. Cutten


  10. md2952


    The party who had the error should be responsible for the trade.The 42 stock was there for a long time,,,in trading terms....I bot some 42 stock ended up kicking it 41.96 before the halt,,,,,,both trades busted....
    #10     Dec 5, 2003