Were you a client of TD Ameritrade, Charles Schwab, ETrade or Fidelity? Were your account positions sold out to satisfy margin calls? If so, under some circumstances, the brokerage firm can be sued to recover the losses associated with the margin blowout activity.
Ordinarily, brokerage firms have the right to liquidate investors out of various positions to satisfy margin calls. We are currently representing clients who were told by the brokerage firm they had a specific period of time to satisfy the margin calls. Unfortunately, the firms then proceeded to sell the clients out of those positions prior to the time given to satisfy the margin calls. The verbal representations made by the firm modified the contract and required the firms to give the investors that period of time to satisfy the calls.
The FINRA arbitration claims process or class-action lawsuits can be used to recover damages associated with the margin blowouts. Please call our law firm in Chicago Illinois for a no-cost review by an attorney.