#Fidelity #LegalAdvice #Investments
Hey everyone! 👋 Have you ever had a situation where a financial institution mishandled your assets and caused you significant financial losses?
Let’s discuss a recent incident involving Fidelity where they fumbled $100k worth of shares and now, weeks later, they are only worth $60k. 😱 Here are some key points to consider:
– Fidelity accepted shares they shouldn’t have in the first place
– Despite repeated attempts to resolve the issue, Fidelity has been unresponsive and unhelpful
– The value of the shares has dropped significantly due to their incompetence
Do you think there are legal grounds for the affected individual to sue Fidelity in this case? 🤔 What would you do if you were in this situation?
One possible solution could be seeking legal advice and assistance from a professional who specializes in financial disputes. It’s important to protect your investments and know your rights in situations like this. 💡
Share your thoughts and insights below! Let’s help each other navigate the complex world of investments and financial institutions. 💬💰 #Investing #FinancialDisputes #KnowYourRights
Accepted them how, provisionally? What was the foul-up?
It will be hard to demonstrate you were going to sell them at 114k and not potentially hold them to an unknown point. To illustrate the challenge, imagine if instead they appreciated in value, would you owe Fidelity for that? (No)
If you have contemporaneous documents indicating that intent… maybe. But you have a hard case on proof for damage
It will depend on the contact you signed with Fidelity and the reasons why they won’t accept the shares. If they violated the contract, you have a claim for money damages. If they didn’t violate the contract but through their negligence caused you damages, you might have a negligence case.
In a negligence case, you have to prove that they had a duty, that they breached that duty, that you’ve suffered damages, and that their beach was the proximate (“but for”) cause of your damages.
Their duty is most likely to arise under contract law or securities law. I didn’t know, but I suppose there could be a principal-agency theory outside of those two likely sources.
That being the case, once you know why they didn’t accept the transfer, you should consult with a civil litigation attorney who is familiar with retail securities law. Note that your contract with Fidelity probably contains a mandatory arbitration provision, which is the black hole of consumer relief.