Ameritrade Is Accused of Delaying Trades
An AP newswire article by Kevin O'Hanlon, via SFGate.com, reports that:
Online broker Ameritrade is being accused of costing investors $100 million by delaying orders to buy and sell stock.
A class-action lawsuit filed in U.S. District Court alleges that Omaha-based Ameritrade Holding Corp. in one instance took more than an hour to execute a trade, costing an investor more than $26,000.
"Some of the trades ... were delayed hours," said attorney Max Folkenflik, who filed the lawsuit for Telco Group, Inc., a telecommunications company based in Flushing, N.Y., on behalf of all Ameritrade customers since April 2000.
Ameritrade spokeswoman Kim Hillyer declined comment on the lawsuit.
posted by Fergie @ 8/10/2005 05:24:00 PM
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