Suing Etrade Securities Llc

[meng48]

I want to Know the  US statue cited for suing a brokerage house for freezing/Blocking my account.

I deposited a large check about 3yrs ago, after the check cleared I attempted to move some of the money to a local bank. my account was then frozen reason "wanted to make sure the check cleared" well that was 3yrs ago...Ive tried to call etrade only to be told to send a letter Ive sent countless letter...Always say they didnt get them..I have 3yrs worth of Account Statements...verifying that the money is in my account...however I have no access to the funds....

No one has called me, or mailed me anything about my account...3yrs NOTHing. when I call they tell me to mail them.....and the cycle continues....

I will be suing for release of funds....

 

 

[Telford]

Honeycup:

I rather just sue them I had a friend draw up the compliant just need someone to check it out





Legally, of course, your friend is not supposed to draft court complaints or any other legal documents for you if he's not a lawyer. That's engaging in the unauthorized practice of law. Moreover, if he's not a lawyer he is probably not skilled in legal drafting and may have made mistakes in what he drafted for you. 

Also, check your account agreement. I'm willing to bet that it contains a mandatory arbitration provision, as does pretty much every brokerage agreement. If so, you won't be able to sue in court anyway. You'll have to take them to arbitration.

[modraed]

Yes I can log onto the account...it says nothing... I was blocked out of the account for about 2years until my digital security key expired. they have not sent me anything via mail.. no statements... They said they wanted to make sure the check cleared....it has..and the money has been sitting in the account..when I call I am told that the department that is handling my account only communicate via mail...I did a google search on this issue etrade freezing accounts..and I am not the only one with this problem.....

[Maurio]

Honeycup:

I rather just sue them I had a friend draw up the compliant just need someone to check it out



OK.

What court level are you suing in and how much are you suing for?

Have you located the companies statutory or registered agent for the service of process?

Post your complaint here word for word, leaving out company and people's names, of course.

[Santiago]

Honeycup:ok will do. I am suing them in federal court.. I am suing for release of funds........not a $ amount.

In order to be able to sue in federal court, you must either have an issue of federal law or there must be diversity jurisdiction. Diversity jurisdiction requires that you and the brokerage firm be residents of different states and that the amount in controversy EXCEEDS $75,000 (i.e. $75,000.01 or more). Since you are suing to get your money back that they are holding, the amount of money in the account may suffice to meet the requirement for the amount in controversy requirement; I've not researched that to know for sure, however. If the amount in the account is $75,000 or less, however, you clearly won't meet the requirements for diversity jurisdiction. And, given the few facts we have here, I don't see any claim based on federal law.

Honeycup:And I also must state why/how the Federal court has jurisdiction over my case?

Federal district courts are courts of limited jurisdiction. That means they can only hear certain kinds of claims. You must state in your complaint the basis you claim for the court's jurisdiction in your case.

The filing fee for a complaint in federal district court is $350. The rules for litigating in federal court are complex, and you'll be going up against lawyers for a big corporation. If you do this pro se, you are much less likely to succeed; you may well lose simply on procedural missteps. I'd strongly recommend you hire a lawyer if you are going to go this route. Filing in state court might be less difficult and less costly.

But again, before trotting off and filing a lawsuit, have you read your account agreement? If not, do it now. If the agreement requires mandatory arbitration of disputes between you and the brokerage, then filing a lawsuit is a waste of time. The brokerage will simply file a motion with the court to compel arbitration, which the court will have to grant.

It really would be a good idea to at least have an initial consultation with a civil litigation attorney in your state. Often the initial consultation is free and that will give you a much better sense of your options.

[Dasco]

This is really getting annoying to say the least. I live in a different state now from when this matter first began....................

[Artur]

Honeycup:I did a google search on this issue etrade freezing accounts..and I am not the only one with this problem.....

You're right. I did the same search and found other complaints. I also checked the Ripoff Report and there are 41 complaints.

http://www.ripoffreport.com/Search/etrade.aspx

As a comparison there are only 7 complaints for Ameritrade and 5 for Scottrade.

Might be a good idea to check with your state's attorney general and the SEC to see if anything's going on by way of intervention.

 

[Wadanhyll]

Well, you're not designed to provide real organization titles below, but because you have, I may let you know I use that one broker daily.  I've had some problems, but why can you stay around awaiting three years simply delivering characters?<br />
You ought to be ready to record into your consideration, and deliver them online messages.<br />
If that did not work, did you contact them?  <br />
I have never had any difficulty together contacting back.  I'd some difficulty with a few online payment problems in addition to some broker trades.  <br />
Perhaps you have truly never been provided grounds for them freezing the consideration?  I transfer money-back and forth from their store and another well-known lender all of the time.  No problems.<br />
What might lead them to banner you?<br />
Fundamentally, from everything you stated, you shipped them a real check (?) and that is been the final you noticed of one's cash for three years?<br />
What would you observe whenever you record into your consideration?<br />
Could you login for your requirements?<br />
 

[Erroll]

If you do not meet the 75K threshold, you will have to find a specific federal statute that you allege they violated that would give the federal court jurisdiction, or the case will be sumarily dismisssed.  You should also look into filing in state court.

[Luc]

I rather just sue them I had a friend draw up the compliant just need someone to check it out