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TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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My husband and I saw our brokerage adviser in November 2007

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My husband and I saw our brokerage adviser in November 2007 and advised him we were invested too high, 85%, in stocks and wished to convert $75,000 in cash by rebalancing. He poo pooed most of the discussion and said we didn't sell our house when it was worth more. On leaving he promised to rebalance the account to iconvert $75,000 in cash. This was never done and in March 2008 the proverbial shit hit the fan. Our account lost $100,000s of thousands of dollars. This isn't exactly sour grapes because we did ask him to shelter $75,000. Aso, having a man who was 65 and retired so heavily invested in stocks doesn't seem kosher.

Looking on line it appears that the statute of limitations has passed and also the $75,000 isn't high enough to sue over. Your thoughts please so that I can stop stewing. Thanks.

Thanks for your question.

The claim that you would have against the broker would be for breach of fiduciary duty and breach of contract. In California, the statute of limitations for both of these claims is four years.

Thus, regardless of the amount, it is too late to pursue a lawsuit against the broker.

Please let me know if you have any questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating does not cause an additional charge and will not prevent us from further working together on your questions.

Best Regards,
TexLaw and 9 other Legal Specialists are ready to help you
Customer: replied 3 years ago.

Well the statute of limitations has passed but passed on the brief info I have given you had I acted in a timely manner would I have had a case?

Yes. Please see my answer to your other question. I think you would have had a very good case.

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