Scranton v. E*Trade
The Paynter Law Firm has filed a class-action lawsuit against E*Trade. The current complaint alleges that E*Trade promised it would “automatically exercise” consumers’ put options if those options were at least $.01 "in the money." When trading in the underlying stock has been halted, however, E*TRADE fails to exercise customers’ put options—even when those options are far more than $.01 in the money—and fails to warn its customers that their options will not be exercised. The case is currently on appeal in the California Court of Appeals.
The Paynter Law Firm is co-counsel in this action with Hagens Berman Sobol and Shapiro LLP. If you are an E*Trade customer who lost profits as a result of E*Trade’s failure to exercise your options, please contact The Paynter Law Firm.