E-Trade Inactivity Fee Class Action Trimmed

Law360, New York (March 28, 2012, 5:24 PM EDT) -- A California federal judge on Tuesday ended individual plaintiffs' claims in a proposed class action accusing broker-dealer E-Trade Securities LLC of charging improper account inactivity fees without contractual authority, significantly narrowing the suit.

U.S. District Judge Edward M. Chen said that the plaintiffs, E-Trade customers Joseph Roling and Alexander Landvater, had known about the fees since 2003 and 2008, respectively. While they had shared their annoyance with E-Trade, Judge Chen said, they hadn’t challenged the legal basis of the fees in their correspondence with the company,...
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