Should I Sue My Broker? What To Do When You Think a Brokerage Firm Has Ripped You Off
If you’ve been using a broker to help you manage your financial investments, the chances are you went out of your way to make sure you had chosen a broker you could trust. However, sometimes looks can be deceiving, and this may not have been the case.
If you feel like you’ve been ripped off by your broker, the chances are you’re going to want compensation, which in some cases, may result in your suing them and taking them to court. Yet, something can feel a little off about doing this. After all, you’ll be going against a firm that potentially has a lot of money to stop you from winning your case.
With this in mind, you’re left wondering whether it’s a good idea after all, but you’ll still need compensation for the money you lost. Today, we’re going to explore everything you need to know.
What Counts as Being Ripped Off?
There are plenty of ways a broker could leave you feeling like you’ve been scammed. For example, they make have given you poor financial advice. Perhaps you’ve been given another expert’s opinion who states that the options they gave you didn’t sound right. Maybe you felt misled with the information you were given.
Any of these, and more could be the result of an illegitimate practice of a broker, in which you were the victim.
Of course, if you want to sue on these grounds, you’re going to need a strong case, and to have a strong case you’re going to need evidence. Substantial evidence that will stand up in a court of law. This is where the problems begin.
The Positives of Suing a Broker
In the best situation, you’ll confront your broker, tell them what happened, and you’ll agree to a certain amount of compensation in the form of a fixed fee. Then, the broker will pay, and everyone will continue on with their lives. Of course, this is not always going to be the case.
In fact, this is never usually the case because most brokers will despise the idea of paying damages claims and will ultimately choose to fight the accusations.
This is mainly because if one person stands up and wins a case, this opens the opportunity for any other clients of the broker to stand up and also claim what they are due. Usually, if you feel like you’ve been ripped off, some of the other clients using the firm will feel the same.
Dealing with the Right Firm
If you’re dealing with a large firm, the odds are sadly stacked against you. They will have a lot of money to pour into a good case, and they will do everything they can to point the finger elsewhere, whether that’s at the markets, the law, or even you.
However, with the right professional help, such as a firm such as Erez Law, you may be able to build a strong case to get the money you deserve. On the other hand, if you’ve been using a small brokerage firm who don’t have the resources for expert legal help, you may have more of a chance of winning. Always seek professional help for the best advice on your personal circumstances.
The truth is, going against a brokerage firm to get the money you feel you deserve is never an easy path, and you definitely need to be strong-willed if it’s something you want to do. However, if you’ve got the guts and you feel your case is strong enough, there’s no reason you shouldn’t pursue this as a solution.