E-Trade Sued Over Glitch When Oil Price Dipped

Law360 (August 19, 2020, 3:05 PM EDT) -- A proposed class action filed in California federal court Tuesday claims E-Trade Securities LLC was negligent in allowing its platform to crash in April when crude oil futures prices went negative, resulting in inaccurate positive prices frozen in place and traders unable to trade, leaving them on the hook for thousands of dollars owed to the online brokerage firm.

Traders Benjamin Whitesides, Aziz Si Hadj Mohand and Matthew Cheung — residents of Utah, California and New Hampshire, respectively — are suing for breach of contract, breach of the implied covenant of good faith and fair dealing, negligence, gross negligence, and violation...

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