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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111600
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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What recourse do I have if the administrator of my ...

Customer Question

What recourse do I have if the administrator of my former employers stock plan gave me incorrect information (ie; the wrong stock expiration date) that caused me to lose out on exercising my option by one day? I contacted my former employer by mail and they replied that they investigated and the plan administrator denied contact with me so they consider the case closed. I obtained my phone records which show that they did call me. At the time of the call I wrote down who I spoke to, what we discussed, and the date and time. Although I can''t prove what I was verbally told I can verify that they lied about ever calling me. Who should I contact now regarding this matter and how should I proceed?
Submitted: 8 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 8 years ago.
You need to file suit against the stock administrator for breach of fiduciary duty, breach of contract and possibly even fraud. All of the evidence you have gathered so far is good evidence in your favor. You should hire an attorney to pursue this matter for you since you can likely even recover your attorney's fees in the suit.


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Customer: replied 8 years ago.
Reply to PaulMJD's Post: Doesn't my former employer have any responsibility in helping me get this resolved since they are the one's who hired the plan administrator? Also, what type of specialty lawyer do I need and how do I find one?
Expert:  Law Educator, Esq. replied 8 years ago.
If you have to file suit, you would sue both the plan administrator and the employer. You would need an employee benefits or regular commercial litigator to assist you. Look at http://www.martindale.com/ which is where we attorneys look to find attorneys in specific areas when we need them.

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