Bank liable for their negligence

[rjweiss]

Hi,

Here is my tale of woe, In order to get a distribution from my IRA at Galaxy Funds they require a distribution form validated with a Medallion signature guarantee stamp.
I went to my local Fleet bank (were I purchased the funds) and they stamped my form and all was well, until Galaxy called me to inform me that the Medallion signature guarantee stamp is invalid !! It turns out that since Fleet is merging with First Boston (I think) their stamp is no longer valid....Now I can't get another bank to give me a stamp because I have no account with any other bank and Fleet can't seem to come up with a new one.

I will get my money, I'm sure, but I have lossed thousands because i can't retrieve my funds in a timely manner (7 days) and the market is dropping.

Can I get Fleet to be held liable for their negligence??

 

[ALawyer]

WHOA. Sell the shares if you want to, in the IRA account, and let it stay in Cash or money markets to protect the value from market fluctuation. As for the Mediallion, what about asking the Fleet branch manager to call a buddy of his at another bank to do it for you given this situation?