Is there a class action lawsuit that pertains to delayed Confirmation? Scottrade = 3 days delayed confirmation.
My wife lost about $3,000 in 3 days and it was not even her fault. Last Fri, before FB started trading, she placed a Buy order for FB for 200 shares, limit price of $42. Anyway, at around 8:45 A.M. when it finally started trading and seeing that the price is going down, she placed a cancel order and it says that her cancel order is pending. By the end of trading that day, there was confirmation that her order has expired. Come Monday morning,she began to buy other stocks with her available funds of $10,000 and she did the same thing on Tuesday. And when she logged in to her account the following day, Wednesday, 5/23, she almost fainted when she saw her cash balance was negative $8,500 and she has lost about $3,000 in her brokerage account value. Apparently, her buy of 200 shares of FB at $42 last Friday did get filled but she only got the confirmation 3 days later. And to make it worst, her cash balance is negative $8,500 because she bought other stocks Monday and Tuesday not knowing that her FB was filled. Obviously, even Scottrade did not know, otherwise, they would not have allowed her to make purchases on Monday and Tuesday. I called Scottrade right away and they told me that it is not their fault but its Nasdaq's fault. I told them I don't care who's fault it is but they need to reverse the FB transaction so my wife can recoup her $3,000 loss. I told Scottrade that had I known that the order was filled, then I could have sold it last Friday at $45 and made a profit. Had I known, I could have locked in my profit or at least minimized my loss. 3 DAYS of DELAYED CONFIRMATION is unacceptable and ridiculous to say the least. Any advises?