E-Trade Looks To Junk Improper Maintenance Fee Action

Law360, Washington (February 13, 2012, 4:45 PM EST) -- A putative class action alleging E-Trade Securities LLC charged an improper account maintenance fee without contractual authority cannot stand because the fee was collected as part of securities transactions, E-Trade told a California federal judge on Friday.

Customers Joseph Roling and Alexander Landvater, who originally sued the company in 2010, allege that E-Trade's charging and collecting fees not permitted by its contract with its customers constituted a deceptive or misleading practice under New York's General Business Law Section 349, according to E-Trade's motion to dismiss the...
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