I hold five accounts with ETRADE. Four of these accounts held stocks I had purchased in ETRADE's own S&P 500 Index Fund. I began purchasing these funds in September.
Between 2002 and 2004 I invested about $22K in this fund.
On March 30th, ETRADE liquidated the fund. They sold all of my shares and put the proceeds into a cash account.
They did not notify me prior to liquidating the account. They sent e-mail alerts about the liquidation, but they were indistinguisable from the usual ETRADE junk mail.
Since they sold the funds, the market has gone up 19% (as of today).
So, I lost 46% of my investment, and missed the bubble on the upside, which would have limited my losses to 27%.
I am so angry. If you look at the S&P index over the last 10 years, they sold the fund at about the absolute lowest it has EVER been. I had hoped to just buy Index Funds, forget about them, and ride out the storm, but they sold them at the absolute lowest worst possible time!!!
Please some help me start a class action lawsuit!
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