E*Trade Class Action Lawsuit

Have you had the securities, which you trade through ETrade Securities, LLC., mismanaged and/or suddenly sold by E*Trade without your knowledge or consent and the proceeds used to offset their brokerage fees?

It has been reported that E*Trade engages in the following unfair trade practices:

  • Applying fees for periods of non-trading without client notification
    • View our unsuccessful lawsuit on this item here.
  • Failure to execute options when asked by client
  • Forcibly requiring clients to agree to fees by freezing their stocks and accounts
  • Exercising options without client permission
  • Liquidating stocks without client permission
  • Possible manipulation of their own stock price
  • Liquidating their ETINX, ETSPX, ETRUX, ETTIX mutual funds at the bottom of the market
  • Imposing DRIP fees without client notification
  • Violation of court orders instructing transactions
  • Failure to refund money after account closings

 

If any of the above situations apply to you or you have been wronged by E*Trade in a way not mentioned above please register below.

Click here to view list of recent complaints.
 

 
 

Two more things you can do NOW:

  1. File a complaint with the Consumer Financial Protection Bureau
  2. File a  complaint with the New York Attorney General’s Office
Office of the Attorney General
The Capitol
Albany, NY 12224-0341

General Helpline: 1-800-771-7755
TDD/TTY Toll Free Line: 1-800-788-9898

or click here:
Investor Protection Bureau of the NY Attorney General

This office has been VERY effective in the past in investigating and taking action against financial institutions who engage in unfair trade practices.

 
Find your U.S. Senator or Representative below and write to them TODAY!

 
E*TRADE COMPLAINT SITES

ConsumerAffairs.com

ComplaintsBoard.com

My3cents.com

RipOffReport.com

Complaints.com

Pissed Consumer.com

Previous Securities and Exchange Commission (SEC) Suit Against E*Trade:

For “violating provisions of the federal securities laws and several conduct rules in place on the Chicago Stock Exchange (CHX)”

SEC Suit Against E*Trade

  • Robert Miller

    I logged onto E*TRADE following a number of years of doing nothing only to find a negative balance… What recourse do I have if any?

  • E*Trade Complaint

    Etrade closed my accounts without notifying me as well as sold my stocks!

  • E*Trade Complaint

    I just discovered eTrade liquidated securities in my account without my consent to
    ostensibly cover “account service fees”

  • BEVERLY Overdevest

    My husband died in 2008. And we lost almost $ 200,000.00 USD. Please contact me , if there is any recourse.

    Thanks, Beverly Overdevest

  • E*Trade Complaint

    How do I submit a claim against them? I was told I bought in at 38.70 but they
    logged me in at 42.00/ share. When I filed a complaint, they said it was done
    correctly. My friend and I both submitted identically and his bought in at 38.01
    /share at 11:53am and mine bought in at 11:58am and the stock never left the $38.00
    range. Any recourse? I bought 4600 shares. thx

  • E*Trade Complaint

    I have been injured by eTrade.com. Their records support my position but they refuse to bust the trade. I would very much be interested in participation in a legal action against eTrade.

  • E*Trade Complaint

    I’ve had an account with E-trade since 1999. In 2005 they stopped sending me a statement and charged me an inactivation fee without notifying me. In 2008, they sold a large portion of my shares because they said I owed them money. They had my old address on file for me and had my phone number typed in wrong and no email address for me. They made no effort to contact me at all.

  • E*Trade Complaint

    Hello,

    I would be interested to know , if there is any “Class Action suit” about E-Trade. My husband (died 2008) & I lost almost $ 200,000.00 dollars in 2007-2008 from our “Ira” & other investments with E-Trade. I am wondering if there is any type of recovery from this loss???

    Please contact me if you have any leads. Thanks

  • E*Trade Complaint

    Securities sold and used to pay fees. Subsequently lost a 35% increase in the stock price without the knowledge that they liquidated my holdings.

  • E*Trade Complaint

    Nice going ETRADE. First you block access to my accounts without giving me a heads up or a secure message. Then you tell me it will take you 2 days to process the documents. My question is: I have had these accounts open for nearly 2 months and suddenly you decide you need additional documentation and shut me off from active trading. Why was this documentation part of my initial application.

    A very upset customer I am right now. If I lose any money in my securities as a result of this blunder on your side, you guys will be liable for those losses.

    (This complaint is accompanied by multiple emails between complainant and E*Trade)

  • E*Trade Complaint

    2011 and etrade did it to me. Returned as worthless 116,500 shares of stock of a profitable company. Need help and representation!

  • E*Trade Complaint

    ETRADE has locked my account claiming that my banking info was incorrect. On multiple times I have had them verify that nothing was incorrect about what I entered. The instructions to unlock involve paying a notary and make no sense, especially since I didn’t make any mistake. $1000 gone.

  • E*Trade Complaint

    Hello,
    I got your email from an Internet site.. Yes that’s when I opened my account & etrade stole a lot of money from me from fees, did not ever notify me, closed my account and kept my money.. 10,800.00….

    I was looking if there is a class action against them, this can’t be legal..
    Please any info would be very much appreciated…

    Thank you

  • E*Trade Complaint

    I was given a settlement less than what I executed on a bond order. Initial solicitation was 15 bonds of Telecom Italia at 7.94%. I offered to buy 2 bonds from the seller, and eTrade reports the seller wanted 7.74% for splitting the bond. I countered the offer with 7.85% eTrade executed at 6.99% I lost almost $500 in the trade. Trade was 12-29-2011, with a settlement date of 01-04-2012. eTrade was notified on the phone of a problem with the trade while it was going on, but they now deny it and allege they have no recording of the trade. I have been robbed.

  • E*Trade Complaint

    Opened account in 2001, was advised to let stock sit, so did not check on it. Stock fell, and fees accumulated without my knowledge. I received no emails about incurring fees. Etrade sold 60 shares of my stock without my consent or any notification accept an email informing me of “new trade confirmation”. Was told, it is in the terms and conditions, suck it up.

  • E*Trade Complaint

    Hi,

    Just informed by etrade that my entire portfolio was “traded” to cover negative balances incurred by their “fees”. I had absolutely no personally-initiated activity on this account. Lost entire $1000 without lifting a finger!!

    Let me know how can either help nail this bad company and/or recoup my $$.

    Thanks

  • E*Trade Complaint

    On May 18, 2012, I initiated a transfer of funds ($1,200.00) from my Navy Federal Credit Union Savings account to my E-trade cash account, which was zero balance at the time. A day later E-trade allowed me to initiate a trade, which I did. E-trade initiated a Cash Call, due to a returned transaction account from by bank as account ineligible for online transfer. This was done without my knowledge. If E-trade would have contacted me by phone or mail, I would have been able to resolves this matter by transferring the funds into my E-trade cash account. Instead E-trade decided to sell some of my other stocks without my knowledge. I am willing to join any ongoing lawsuit or file my own.

  • E*Trade Complaint

    Entered sell limit order before market open @ .0133 which was never filled.

    After market open:
    Nineteen trades occurred at .0136
    One at .0140
    One at .0139
    Two at .0130 and .0131…
    before trading back to .0136 and higher before falling below
    .012 at the time of 9:31.53am

    When I called Etrade and left a message, their return call was recorded on my voicemail.

    When I spoke to someone live about the issue, after I called them on their lie, they said another Market Maker doesn’t have to honor the order if they chose not to. When I stated that Etrade is a market maker for this stock and should have moved my ask price to the top of the level 2 platform like they always do, he went silent, tried to recompose himself, then said I could submit something in writing to reopen the inquiry but as of now the inquiry is closed and final.

    I have the trading session level 2 recorded on my computer.

  • E*Trade Complaint

    Etrade is robbing me blind.

  • E*Trade Complaint

    Hi, I’m not sure if this pertains to me, just have no money in my account anymore. When I tried to download the 2011 tax form it has all blank pages. I also received this message within my account. QUOTE “Please be advised that you currently have a cash debit in your account. The amount of your current debit balance can be found on your Balances page.

    Please take immediate action by depositing funds and/or securities or by liquidating positions in your account. Failure to take immediate action may result in the liquidation of current positions in the above account. If you have any questions regarding this policy please refer to section (4) Account Provisions of the Customer Agreement.

    If you have already taken action and no longer have cash debit in your account, please disregard this notice.”

    Not sure what to do. They say I owe them money.

    Thank you for your time

  • E*Trade Complaint

    My husband was doing taxes this weekend and asked me about the sale of some UPS stock I had purchased in 2005. I told him I did not remember selling any stock in December. I think I had called E-Trade in December because I could not remember my login and my husband wanted to make sure I could retrieve my tax documents. A review of the “sell” order on E-Trade’s website indicated the following:
    Sold 9 of 15 shares for UNITED PARCEL SVC INC CL B PRINCIPAL $650.88 COMMISSION $9.99 BROKER ASSIST $45.00 FEE 0.02 NET AMOUNT $595.87 This does not even account for what I now have to pay in taxes because the stock was sold without my permission.

    I called e-Trade customer service and asked if they had mailed the check for $595.87. They told me the account was now only worth $69 because I owed them service fees.

    Clearly I was in shock because I did not use or request any services.

    They told me that they do not automatically mail out checks. No they prefer to keep the money as long as they can so they can earn interest on it.

    After speaking with the supervisor named Frank he said that sell order was placed on my behalf because I owed them money. I did not even know that I owed them money. I thought this was an investment I was going to ignore until my retirement. The supervisor, Frank finally agreed to reimburse the services fees and the broker fee, but said I would also receive a 1099 next year as this payment from E-Trade is now considered income for me. So I will have to pay more money for their fiasco.

    They told me to call back in 2 to 3 business days to request the check for the full amount.

    I have not called them back yet; I want to hear your thoughts on this matter.

    This is really shocking, what a scam.

  • E*Trade Complaint

    I’m not sure I have a case. During the 2008 crash, etrade kept changing the margin rules forcing me to continuously cover margin calls. I’m not sure if what they did was legal.

  • E*Trade Complaint

    The same thing happened to me that most people state – 1) had money in etrade in stocks, because I didn’t trade them they started selling them to pay fees for not trading; I didn’t know for quite some time and lost a good deal of money. Oddly enough I closed the account but they still send me a statement that I have a .01 balance…I’m surprised they haven’t taken that too!!

  • E*Trade Complaint

    I invested in 1 stock with etrade back in 2005 and got hit with inactivity fees every quarter in 2008 until no money was left in the account and my stock was forcefully sold. No statements were mailed to me, absolutely no notification. Account is now closed. To my knowledge this is stealing people’s money who are investing a few dollars into stocks. Please let me know the status of this case. Thank You.

  • E*Trade Complaint

    Hi there,

    Just noticed your Facebook post for E*Trade account owners starting in 2000ish.

    I am one and would like to understand what is happening as I feel I have been defrauded with undocumented fees, etc.

    Best,
    M

  • E*Trade Complaint

    In 2001 I cashed in my school savings bonds and bought 197 shares in Level 3 Communications through eTrade. There were no fees or minimum account balances on the acct. I was only 25 and had a very small investment, so I could not go with a company with monthly/quarterly yearly fees or acct. minimums. My stock continued to drop and I intended to hold it for many years until it either popped back up or I needed it. I stopped receiving statements from etrade around 2003, or phone calls or emails or any kind of registered mail. It was a long term investment, and I checked the value in the paper and on the internet. It just rose to $24.32 a share so I went today to sell it. I tried to login to the site and it didn’t work. I called eTrade and they told me my acct had been closed for years. I asked why, since I have never sold it- and was told that many many years ago they started charging a $40 a quarter fee for inactivity. Inactivity by their definition was considered lack of buying or selling stock, not failure to login to check balances. I was then told that my 197 shares were sold years ago to cover this fee balance, and then my acct closed. Without my knowledge. I have never received any statements or notice. And I hold on to everything. I am furious, cannot think this is legal, and was told I have no recourse. My shares are worth almost 5k now, and I have nothing. My original set up with etrade included no fees at all until you sell, when commissions are paid. They told me these fees went into effect later and were stopped in 2010. I feel this is fraudulent, and no one should be able to sell my shares without contacting me. Unregistered mail is never sure to be received. No one ever attempted to contact me- I read online and there are hundreds with this same issue with etrade. They go years later to check on their shares and are told they have none. This cannot be legal.

  • E*Trade Complaint

    I got fed up with the fees an decided to not look at it for a couple years. without consent the stocks were sold.

  • E*Trade Complaint

    Recently discovered when doing taxes that in Dec 2011 etrade sold stocks to cover $600 in inactivity fees that I was completely unaware of. No notice of this prior to the sale. They state that a mailing was sent the day of the sale although I recall receiving nothing.

  • E*Trade Complaint

    E-trade stuck me with $240 of inactivity fees and refused to refund it.

  • E*Trade Complaint

    Exorbitant ETRADE fees for inactivity led them to sell some of my shares, without my knowledge or agreement. Even if this was a legitimate charge, they sold shares that I did not want sold, and would have asked them to sell other shares, if the fees needed to be covered. This is outrageous. They must make a fortune on these fees! And the customers lose their money.

  • E*Trade Complaint

    liquidated my etinx fund for a 20000 dollar loss

  • E*Trade Complaint

    I just found out a few months ago that Etrade had been charging about $40/quarter for services I never used or even realized I was paying for. They charged this quarterly fee for a few years and then stopped. During that time, I had accumulated over $700 in fees, which I was not aware of. Then today, I received 2 emails confirming that I had made a stock trade in my Etrade account. I knew I had not done this, so I called them and found out they sold some of my stock to pay the $700(+) fees. Is this legal? If I join the class action suit, can I get any of that money back. Thank you.

  • E*Trade Complaint

    They charge me for inactivity and sell my shares, how can I be part of the class action suit?

  • E*Trade Complaint

    Hello,

    I just found out that ETrade wants to charge me nearly $800 in maintenance fees from 2000 until 2010 that I knew nothing about. Is there a suit I can join? I live in California.

  • E*Trade Complaint

    etrade has closed my account and though i’ve called over 12 times the case manager dealing with my money and info never returns a call, how do i get my money back!