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Tina
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I resided and worked in Washington D.C. When I left the company

Resolved Question:

I resided and worked in Washington D.C. When I left the company that I worked for, I transferred my IRA savings to my bank. They have lost half of my money and I am interested in litigation for incompetence. What are my options?
Submitted: 5 years ago.
Category: Legal
Expert:  Tina replied 5 years ago.

Thank you for contacting our JA team for guidance.

If you are in the same situation as many American's, your investments have substantially decreased based on market conditions and not actionable negligence by the holders of the funds. In addition, the account agreement itself usually absolves the company of any liability due to market conditions. If you can prove negligence in this case, you may wish to contact the SEC and retain an attorney in your area who has experience in business law litigation.


Please let me know if you need additional information.

 

Best regards,

TK

 

 

Please press the "accept" button so I may be credited for my time when I have answered your question. I am available to answer follow-up questions or to clarify this answer. Thank You.

Customer: replied 5 years ago.
Ms. Gehres, thank you for your response. I am aware of the market conditions that have caused may losses for persons such as myself but this particular institution in their ongoing ads continually relay that they can protect you no matter what. They also, failed to contact me with additional options when I expressed concern that I was losing money. They told me that their policy is to just sit and wait it out which is a contradiction to the ads that they were/are still running stating that they have solutions to protect your money in this market.

Maxine Mills
Expert:  Tina replied 5 years ago.

I see. Then you may have a cause of action against them due to their false advertising. You would want to consult with a consumer protection attorney and report the institution to the FTC and state consumer protection agency as well as the BBB.

 

 

Tina, Lawyer
Category: Legal
Satisfied Customers: 32721
Experience: JD, BBA Over 25 years legal and business experience.
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Tina
Tina
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JD, BBA Over 25 years legal and business experience.