Class action lawsuit against TDWaterhouse...

[kt]

Anyone heard about this class action lawsuit? I saw this coming a long time ago. Why? Because I am among those who lost thousands of dollars because of their habit of freezing your webBroker account. This was back in the days when playing the stock market was a big thing and I was still in college. Being able to trade using the web made it so much easier since I could just hop on one of the school's computer and buy/sell stocks inbetween classes. But they froze my account so the only way I could buy/sell is call in and talk to them. And most of the time, you'll be waiting 15-20 mins before you get to talk to a rep. I don't have that kind of time inbetween classes. Anyway, on several occassions I lost opportunities to sell my stocks and end up losing money on some. Seems like the guy who brought up the class action lost a lot more. Anyone else uses TDWaterhouse as the broker? Let me hear your stories..

 

[StageLeft]

That sucks, but it seems a tough thing to prove. Yes you may have lost money, but I bet that they also saved you money at times...for instance you put in a sell order and then 15 min later the stock is worth even more thus increasing your profits.Or you put in a buy and 15 min later it's even cheaper. See what I mean...it's very hard to prove as a whole...

 

[kt]

I don't think that's a really valid argument you just pose. Sure, it could've save you from selling a stock that is going up even further or a buying a stock that may be dropping further. But the thing is, shouldn't you ultimately be the one responsible to make that kind of decision. Sure they can advice you and stuff. But still, you ultimately make the decision. In this case, you are being, in a way, hindered because your account is frozen without any noticedfrom them. Not as much as a phone call or an email, etc. They freeze it when they feel like it and don't even tell you about it. Do you think that's an acceptable practice? The actual lawsuit states that TDWaterhouse is in violation of breaching a contract , consumer legel remedies act, and unfair competition.