Are brokerages supposed to compensate for system outages?

Discussion in 'Retail Brokers' started by dtryan, Feb 1, 2020.

  1. dtryan

    dtryan

    So would I happen to have a case against Robinhood or does their ToS protect them? I was not advised of it until my order was stuck for 2 days and even then I could not even do anything. I even have an email trail of me telling them to sell several times

    And can you elaborate on mishandling a suitability issue? Thank you!
     
    #21     Feb 1, 2020
  2. This happens every so often as they don't maintain enough capacity cushion to handle big volume days. There was commentary on it on Bloomberg Canada.

    They just don't care. Move to a serious broker.
     
    #22     Feb 1, 2020
  3. ajacobson

    ajacobson

    It's time to spend a few hundred bucks and get an hour with a securities attorney.
     
    #23     Feb 2, 2020
  4. dtryan

    dtryan

    I tried to find one in Los angeles, but it's hard to find one that specializes in that. Most attorneys I spoke with did not know the specifics of that type of law. Do I even have a case against robinhood in the first place?
     
    #24     Feb 2, 2020
  5. ajacobson

    ajacobson

    Last edited: Feb 2, 2020
    #25     Feb 2, 2020
  6. dtryan

    dtryan

    Not sure what keyword you used to get 18 pages.

    Found out on Finra it will cost $425 out of my pocket win or lose just to file. Not sure if it is worth the hassle if it's not a clear cut case
     
    Last edited: Feb 3, 2020
    #26     Feb 3, 2020
  7. ajacobson

    ajacobson

    Lesson learned?
     
    #27     Feb 3, 2020
  8. dtryan

    dtryan

    Not sure what keyword you used to get 18 pages. I called 4 attorneys today and they were clueless

    Not sure what lesson is to be learned if I am using one of the biggest brokerages
     
    #28     Feb 3, 2020
  9. ajacobson

    ajacobson

    https://www.justia.com/lawyers/securities-law/california/los-angeles

    Don't seem to be any securities attornies in the L A area - this is a fairly big net.
    You won't spend the $$ to file the arbitration and four lawyers turned you down - there is the lesson to be learned. Kind of like claiming no Lawyers in D.C.
    BTW TD's head of trading was on Bloomberg today - you might want to find the interview - it's still cycling on Bloomberg radio.
     
    #29     Feb 3, 2020