If a major investment company made an administrative error that cost us large gains in the stock market, what is our recourse?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

If a major investment company made an administrative error that cost us large gains in the stock market, what is our recourse?

We decided th have this company help us move our IRA money from a prior company. We lost a month of large gains in the delayed the process. What happened was Right after we signed all the forms, we left on a 3-week vacation. When we got back we were told one of the documents still needed an “initial” on a form, and therefore the money was not transferred, though, it was “sold” from company A on paper and cashed out but not transferred to company B. This, just before the markets rocketed up. We sold low and did not benefit from the large gains that would have occurred at either company, as the money was only transferred on paper. In reality it was in limbo. Can I do anything about this?

Asked on January 5, 2012 under Business Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you can demonstrate with relative certainty that a large gain would have been made "but for" the mistake of this investment company, you may very well have a basis for seeking "damages" from this investment company due to the loss of this potential gain.

In order to determine the viability of a possible legal action against this investment company, you should consult with an attorney who practices in the area of professional liability for companies and individuals who handle investments for individuals.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption