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Old 10-10-2008, 10:20 AM
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Join Date: Oct 2008
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Stock transfer question

What is the name of your state (only U.S. law)? FL

I inherited a bunch of stock from my deceased dad and we hired a lawyer ages ago to figure out all the legal stuff for us.

We filled out a bunch of paperwork about a month ago and sent it off to Mellon Bank in Philadelphia and they forwarded it to someplace in India to be processed. Anyway, we got word about 2 weeks ago that they spilled water all over the paperwork and could not process the transfer (and thus we could not sell) and we had to refill out the paperwork and resend.

Well, as you know, the market took a major dump and the stock price has gone from $35 a share to $23 a share. Can I hold Mellon liable for their negligence in spilling water on the paperwork and thus hold them responsible for profit lost? We have (my sister and I) 1512 shares so it is a substantial amount of money

Thx
jonpfl
  #2  
Old 10-10-2008, 12:21 PM
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Join Date: Mar 2006
Posts: 6,673
There is probably an arbitration agreement which would be enforced even though you didn't sign it. While it seems like you were hurt, it would be a very hard argument for a number of reasons. See an attorney who specalizes on investment losses to see if you have a case.
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