I invested my $20,000 to a Senior Loan Fund C when I was advised to switch from CD to this loan. I told the bank broker that I do not want my $20,000 be decreased at all no matter what. 2 months later it decreased by $200. I told her that I want out but she kept on saying to stay for another 2 months and it will grow. But later on it decreased by $900. I was so mad, i took it out with penalty charge. I repeatedly told her that in the very beginning I do not want it to go down not a single penny because that $20,000 is intended for a good cause. She told me that it will never go down. Now I am short of $900. Had I stayed with CD I would have earned about $200 of interest already. Can I sue her for lying to me?
2007-09-05 11:30:47 · 5 answers · asked by Rainbow 1 in Business & Finance ➔ Personal Finance
I think she was takin your money to do her own investments. Did you get the garantee in writing? Or at least in the papers you signed for the initial investment? If not you're going to have a hard time, but it's still crap you're out 900 bucks. I'd take her to small claims just for the fact she told you differently than the first time she talked you into changing over. If she didn't make it clear that it may fluctuate, I'd think you'd have a case. I'm not a lawyer, mind you. Give it a shot, it was YOUR money and this women carelessly invested it when YOU TRUSTED HER TO DO THE RIGHT THING. Since she did less than that, GET HER A*S BEFORE SHE SCREWS SOMEONE ELSE. I know I would. You should not have had to worry AT ALL.
2007-09-05 11:42:52 · answer #1 · answered by reddsonja83 4 · 0⤊ 0⤋
No you can't the system only allows you to sue if they invested your money without your permission in UNSUITABLE investments. However the unsuitable part is really hard to prove and if the firm is of any notable size they already had controls in place to stop someone from doing something unsuitable. Lastly there is a statute of limitations on any suit that you could bring and you hinted that this was a while ago. Investing carries risks and people do loose money. it happens markets go up AND down. After reading all of the other answers you have got there are a few things that you should consider: The "Paperwork" that you sign is not just to ensure that you can't sue a brokerage firm. It is an agreement that says that you are aware that there are risks in investing and that you agree to work with your ADVISOR to choose the best investments for you. You were likely not "taken advantage of" but instead you invested in things that went down. I know it hurts to loose your money (trust me I have had really up years and really down years) but that is what makes investing worth doing. You are taking a calculated risk to your money in the hopes that you will make a profit.
2016-05-17 13:43:49 · answer #2 · answered by ? 2 · 0⤊ 0⤋
This is America , anyone can sue anyone else ,
The question is - can you win ?
And will you win more that in costs to retain an attorney ?
With many investment products , the broker gives advice but the person makes the actual decision to take action .
As adults , we are expected to read the paperwork and make your own decision .
If the paperwork says the fund is invested in bonds or similar instruments and will NOT decrease in value , then you may have a good case . . .
Or if the broker , bought the Fund against your wishes . . . you will do well in court .
Lots of people with payday loans end up in court because of the 500% interest , claiming they did not understand or were lied to .
The judge says he is sorry , but as adults , when you engage in business transactions , you are suppose to read the paperwork and know what that says .
The people with payday loans loose and owe the huge bills .
Many funds lost lots of $$$ since july due to mortage / finance issues .
There are NO gaurantees with any fund unless it is a bond fund . (and even then , there can be defaults . . . but usually with bonds that happens less often )
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2007-09-05 11:48:41 · answer #3 · answered by kate 7 · 0⤊ 0⤋
What if you left the money in the account and it increased in 5 to 10 years? It could have happened so it is disputable that she 'lied'.
Although she was persuasive, she did not force you to make the switch nor to keep it in that account. You will probably continue to safely invest in CDs in the future.
2007-09-05 16:37:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you can try, but unless you have proof that she said that it would never go down, like in writing, then she'll probably lie in front of the judge.
good luck!
2007-09-05 11:39:51 · answer #5 · answered by Anonymous · 1⤊ 0⤋