Legal Question in Securities Law in California
securities mismanagement
I am currently planning on sueing two brokers (with different brokerage houses) for inappropriate investing due to the fact that I am on ss disability and have a fixed income. there was gross mismanagement, and i have found an attorney to take my case. He tells me that I must pay him $18,000 retainer fee and then will have an 80%-20% split of any amount recovered. My losses are about $50,000 with one broker, and about $100,000+ with the second broker.
Can you tell me whether a retainer fee of $18,000 is usual and customery? I have about $25,000 annual income, live in the SF bay area where costs are high and about $200,000 savings. $18,000 is a large amount to me and so far this the only lawyer who has been willing to take my case. He is planning on asking for triple punative damages under the disability act and I am not sure whether that is a very viable law.
1 Answer from Attorneys
Re: securities mismanagement
It seems very high but you and he/she may agree to what you like; you should confer with other attorneys. There are many attorneys around the state who handle these type of matters anywhere in the State. I am an arbitrator for the NASD and I have seen attorneys from other locales take cases outside their area.
Joel Selik
800-894-2889
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