I was looking to invest in a stock, and went to my bank to open the proper stock trading account. I went in on January

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Customer: Second Opinion] Hi. I was looking to invest in a stock, and went to my bank to open the proper stock trading account. I went in on January 29th, and disclosed my intent to purchase GME with half of my existing account balance. The advisor opened the wrong account type, and the account wasn't opened until March 11th. I missed my opportunity to buy the stock at its price in February, and the price has gone up 4x. The bank has acknowledged the error, but will not compensate me for lost income because they say they can't verify that i'd buy that stock with my account if the account was opened correctly on time. do i have a case? JA: The Lawyer can help you determine if you have a case. Where are you located? These laws vary by state. Customer: I'm in Calgary Alberta Canada JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you. Customer: I've escalated the matter using the complaint brochure: escalated to staff manager (no resolution offered), then escalated to their CARES office (where they offered me $500 dollars as a goodwill gesture), then escalated to their OMBUDSMAN, where they did a review and recommended the same $500
Answered by Joey in 5 mins 1 year ago
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Joey
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Joey, Expert

Hi and thank you for using JustAnswer.  My name is ***** ***** I will be assisting you with your question.

Just a general disclaimer that this conversation is for informational purposes only. I am licensed Canadian lawyer; however, you would need to retain a lawyer to take any legal action and/or preserve any of your legal rights. I may be away from my desk from time to time, but rest assured I will always return back as soon as possible.

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Joey, Expert

Good morning – sorry to hear about the situation. This would be a difficult case to make given it’s speculative whether you would have purchased the stock or not.  Yes, they screwed up, but there was no legal obligation for them to open the account by a specific day unless you have something in writing from them to that effect.

Customer
i have purchased some of the stock, but not the original intended volume becuase of how much the stock rose in price during the delayed opening.
Customer
if i still purchased the stock with the funds (albeit much less stock) would that show my intent to purchase or is it still to unverifiable?
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Joey, Expert

It’s all speculative. If you gave them a purchase order with a specific quantity and they screwed it up, then possibly.

Customer
no, all i gave them was a redemption request, and i discussed with the advisor my intent to purchase with redeemed funds.
Customer
I was advised to escalate further, but do you think its worth my time to escalate and take them to small claims court?
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Joey, Expert

It's a tough claim to make overall given the speculative component. You could bring a small claims action if you have the time and money to go through with it knowing the result is not predictable.

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Joey, Expert

Here is a link with more information on bringing a small claims court matter: https://www.attorneygeneral.jus.gov.on.ca/english/courts/guides/Guide_to_Making_a_Claim_EN.html

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Joey, Expert

Does that help answer your question today or did you have any follow up questions?

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Joey, Expert

Thank you for using JustAnswer. I wish you the best of luck. If you have any follow up questions about this matter, please do not hesitate to reach out to me.

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