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Lee McHarg Holland
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  • This has to do with professional negligence.

    My financial adviser was told by me to sell a Reit that I own for a tender offer of $11 a share. This had to be done by a certain date. He forgot or overlooked doing this, but sold it after the drop dead date for a substantial loss difference. Is ...

    Lee’s Answer

    The losses likely can be considered investment damages based on the information given. Relevant considerations concerning negligence will include the clarity and form of your communications with the representative. (Oral instructions are suggested by the question. Given the instruction to execute by a certain date, written instructions in follow up may have been prudent; however, oral instructions can form the basis for a claim). FINRA is an efficient forum, but arbitration is not particularly quick, nor is it easy. Should you wish to pursue a claim, I agree with advice to move quickly to consult with an attorney. Besides the legal barriers that come up over time, your ability to persuade a panel about instructions unfollowed will diminish over time. By seeking help now you can appropriately demonstrate your displeasure en route to asserting your claim appropriately, or take other pre-claim steps guided by counsel. I would be happy to chat for a free consultation. I am a FINRA arbitration specialist. More information about my practice is available at www.law-holland.com.

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