Legal Question in Banking Law in New Jersey

brokerage account

I opened a brokerage account at chase and agreed to a $1,000.00 sales load fee. The fee was not in writing on the formal brokerage account agreement and I was charged a sales load fee of $3,062 which was deducted from the account. Chase has agreed to refund the difference of $2,062.00 however they require a signed relese agreement in which I waive all rights to any claim against this brokerage account. I am willing to waive any rights to subsequent claims regarding the sales load fee but I do not want to waive all rights in connection to any claims against the account.

How can I get Chase to refund my money wothout waiving my rights?

Thank you.


Asked on 3/10/09, 11:18 am

1 Answer from Attorneys
Warren Markowitz Warren R. Markowitz, Esq

Re: brokerage account

You are going to need to get a copy of the agreement before asking this question. As I have extensive experience in this matter as I was a brokerage compliance officer before becoming an attorney, it is likely that you are overreacting and that the agreement you will execute will only be applicable to the actions subsequent to the execution.

If, you are required to waive all rights, then you may want to consider filing a complaint with FINRA, but get an attorney. The arbitration and complaint process can get hairy.

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Answered on 3/11/09, 10:19 pm


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