My jurisdiction is: Illinois, US
Last week I tried to sell a particular stock in the pre-market but it was restricted by Scottrade for the reason that the trading was halted the previous day when the price dropped below 50% in 1-2 minutes. But later on the same day it started trading back at the normal price during after-market hours. The reason why scottrade didn't allow me to sell was because the limit price I put in was more than the previous day's closing price (the -50% price) and because of this restriction I wasn't able to sell the stock and I lost more than 3000 dollars. The other brokerage firms were allowing their customers to trade this stock in after-market & pre-market. I even tried calling the phone broker to place my order by phone but that too wasn't allowed. I contacted the Scottrade compliance department and I was told that their condition states that the system may not be available or the transaction may not go through at times and that Scottrade cannot be held responsible for any of these issues. But I could not find anything like that.
Do you think I have a legal case here?
Last week I tried to sell a particular stock in the pre-market but it was restricted by Scottrade for the reason that the trading was halted the previous day when the price dropped below 50% in 1-2 minutes. But later on the same day it started trading back at the normal price during after-market hours. The reason why scottrade didn't allow me to sell was because the limit price I put in was more than the previous day's closing price (the -50% price) and because of this restriction I wasn't able to sell the stock and I lost more than 3000 dollars. The other brokerage firms were allowing their customers to trade this stock in after-market & pre-market. I even tried calling the phone broker to place my order by phone but that too wasn't allowed. I contacted the Scottrade compliance department and I was told that their condition states that the system may not be available or the transaction may not go through at times and that Scottrade cannot be held responsible for any of these issues. But I could not find anything like that.
Do you think I have a legal case here?
