TheStreet.com
Austin McCormack admits it probably wasn’t the best idea to invest $10,000 of his retirement savings in stocks simply because they were recommended by a cold-calling broker from Hanover Sterling, a Manhattan brokerage specializing in penny stocks. But when the brokerage collapsed in 1995, he thought that the quasigovernmental, nonprofit agency that insures brokerage accounts, […]
Reuters
E-Trade Group Inc. (NasdaqNM:EGRP – news), the No. 2 Internet broker, has been ordered to pay a customer more than $61,000 plus interest and costs as a result of a mishandled order, lawyers involved said Monday. The case, which was decided by a National Association of Securities Dealers (NASD) arbitration panel in San Francisco, showed […]
Los Angeles Times
Lawyers representing individual investors in disputes against brokerages charged Thursday that the National Assn. of Securities Dealers has been “rigging” arbitration hearings to favor Wall Street firms–an allegation that the NASD instantly denounced. The group charged that NASD computers have been set so that the panels conducting arbitration hearings are stacked with people friendly to […]
Wall Street Journal
Lots of Internet traders complain about their online broker’s service: balky Web sites, poor trade executions. Now investors are doing something about it. Lawyers and others familiar with brokerage-industry disputes say legal claims by customers are on the rise. This year’s market turbulence may spur even more. Linda Fienberg, president of dispute resolution at the […]
Money.com
The markets may be open for only 6 1/2 hours every weekday, but online investors are trading as if the exchanges were going 24-7. Though a minuscule number of investors are trading live in the extended-hours sessions you hear so much about on CNBC–compare the tens of millions of shares traded at night to the […]