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I have an IRA Account at E-Trade Financial which was levied…

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I have an IRA Account...
I have an IRA Account at E-Trade Financial which was levied by Sacramento Sheriff Department (California). Per California law (CCP 504.115) a Retirement Account is "Exempt" from Levy. The paperwork I received from the Sheriff provides a List of possible Exemptions....CCP 504.115 being one of them. I notified E-Trade in writing of the levy and a copy of my filed "Claim for Exemption" and instructed them to NOT forward funds to Sheriff's Department. Unfortunately E-Trade sold off my IRA and sent funds to Sheriff. Sheriff will not return funds to E-Trade as time has passed. E-Trade has ignored all correspondence from me. I have NEVER been sent anything, either notice of receipt of Levy, Intent to Sell Account, Funds sent to Sheriff, or replies to my correspondence. Can I sue E-Trade for selling my IRA account and forwarding funds to Sheriff?
Submitted: 2 years ago.Category: Consumer Protection Law
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Answered in 33 minutes by:
2/4/2016
Consumer Protection Lawyer: Samuel-II, Lawyer replied 2 years ago
Samuel-II
Samuel-II, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27,012
Experience: Practice of law for 20 years
Verified

Hello

This is Samuel and I will discuss this and provide you information in this regard.

I am sorry to hear of this matter. First, please note the correct CA code in this regard is 704.115 - not 504.155 With that being noted only for edification, I suggest that yes, if your Notice to E-Trade was received in time for the E-Trade not to sell the asset and forfeit the money, then you should contact a local attorney to consult on such a lawsuit.

You also can discuss with your local attorney filing a Writ of Replevin to have the Sheriff return your money. And you can hold E-trade responsible for any and all interest you may have lost on that account because of their negligence.

I suggest this is something you would want to consider consultation with a local attorney sooner than later as you do not want to have a statute of limitations barring your right to sue. Also, such an attorney may take your case on a contingency, meaning their fee would be a percentage of whatever settlement they get for you based on your damages and the interest lost would be.

Please let me know here if you have other questions or need more information in this regard as that is how I get credit for my time and information provided.

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