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Have you lost money through a margin loan?

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MarginLoanLoss

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Have you lost money though a Margin Loan?

I am looking to make contact with ordinary people who have lost money through a Margin Loan(s).

I am gathering information with a view to launching a class-action against Australian-based banks/financial institutions and Australian Financial Advisors.

At this stage, I just need basic information from people who have been affected by Margin Loan losses, to see if a solid “Cause of Action” can be established. Unless there is very good grounding for a case, litigation will not proceed.

Please contact me with answers to the following:

· Name of your bank/lending institution;

· Name of your financial adviser;

· Estimate of the amount you have lost;

· Amount of your Margin Loan;

· Your contact details please.

Regards, Elizabeth

PS if you are fortunate, and have not been caught up in a Margin Loan loss, then please draw this to the attention of someone you suspect may have been, or will know someone who has been.

PPS If you are classified as a “sophisticated investor” {you know who you are} then unfortunately, I cannot help you, but I’m interested in hearing from your friends!

There is power in numbers!!!
 
LOL, when the markets were going up and your margin loan was magnifying your 'winnings' were you looking to start class actions?
 
Amazing.

Liz...Do you sue the car manufacturers when you have a bingle too??:bonk:
 


hi
probably notice that you will not get a lot of sympathy for your losses

everyone has suffered from the retraction of the worlds economy and i am sure that everyone wishes that they had someone to blame or some sort of recourse for the decisions that each individual has made

but lets face it we all make our own decisions sometimes based on fact sometimes fancy

taking out a margin loan is no different to putting your house up for collateral it can be very dangerous under the wrong circumstances but advantages in the right circumstances

experience shows that the stock market has some very large risks involved and for those of the uninitiated the risks can be far greater...... the stock market has always been labeled as growing money on trees but it has a far darker side

i hope your venture is positive but i have grave fears that it will be unproductive
 
Elizabeth, you may find some support on the Storm Financial Group Thread.
 
I hope no one offers 'Elizabeth' the information asked for before establishing her bona fides to a greater level than a name on an anonymous internet site.
 
Julia said:
I hope no one offers 'Elizabeth' the information asked for before establishing her bona fides to a greater level than a name on an anonymous internet site.
Click to expand...

after having read through the posting a few times it does sound a bit dubious , very officious

there are always those prepared to try and make a living out of other peoples misery
 
I don't get it,... Is some one wanting to sue the banks because they lost money after borrowing money to buy into the share market.

What basis can there possibly be for this sort of action,

what about the people that took personal loans and bought new cars only to have them go down in value, should there be a class action for this too,
 
OMG!!

Well this is a ripper. Unfortunately we are only a small way through the scape goat chase. And thoughts like this one are going to grow. What a pathetic state we are in, when after all this mess, leveraging to the hilt is good on the way up and still someone else's fault on the way down.

Sorry sorry world we make for ourselves
 

No. I got a better one.

I want to start a class action to sue all the people who took out margin loans and then got margin calls and had to dump the stock which triggered more margin calls and dumping which triggered...... etc.

Lets sue these fools for not having the most basic money management abilities and passing there poor decisions onto people who had fully paid shares.

 
Let the thread slip into oblivion where it should be, an insult to intelligence and a waste of time and band width.
 
This is all a bit of a giggle but I think has a small serious side........

For example: obviously a lot of aussies would want to sue for negligent financial advice using margin........for example, towards the top of the boom, many were advicing margin as a way of 'minimising risk through diversification'

The problem of course would be the advisor and not the margin.......

For the record, I've always used margin and continue to love it, although I'll put my hand up and say that after a year in which the All Ords index reduced more than 50%!!!!!!!! and after adding the meager after tax interest rate (6.5%), I am less than satisfied with my use of margin in the last year!!!!!!!!!!!!!!!

I'm happy to cop it on the chin and look forward to many more tax beneficial years of margin

I would sure hate it if people like a lendor wanted to cut back the risks I take cause they are scarred of some frivolous lawsuit........that's not exactly a free market is it........or even investing
 
does Elizabeth work in the legal profession?

anyway,

imagine trying to sue a bank! who succeeds at this?

firstly,
you sign a loan contract stating you fully understand what you are doing and that "you alone" are responsible for your investing; not to mention the contract you sign with your broker stating the same.

secondly,
even if it did get to court,
the banks legal team could drag it on for 3 decades if they wish, barely making a dent in their annual profits, the average aussie would be bankrupt in 3 months employing a comparative legal team
 
I think Elizabeth works in a circus,

There are always a few clowns that want to spoil it for everyone else.
 
I've worked in financial planning for five years and I have to say these types of "claims" are common. I even heard of one client who tried to make a claim (I say claim because it wasn't suing) for losing $800. It turned out that he had withdrawn the money.
 
I think her plan (assuming it is legit) is to launch a class action against the banks/financial planners who have recommended a margin loan inappropriately, without making their clients fully aware and understanding the risks of implementing such a strategy. Ordinary people have entrusted their financial planners as professionals in their trade, so if these planners have given blatantly inappropriate advices (and can also be proven so), then there may be grounds for legal actions.
 
You can't expect FP's to wipe the **** of their clients.. the clients at least have some responsibility to learn about the products they are taking up themselves, reading the fine print, asking questions, and knowing the risks involved.

In light of this action I'd also like to take action against THE PUB.. it has taken THOUSANDS of dollars of my hard earned money over the years and left me with NOTHING!! I walk in there, on the promise of a good time, and drawn by the lovely ladies to be found within, and most of the time all I have to show for it is a sore head, lost dignity, lost brain cells and an emptied wallet! How can this be allowed to go on? I have been misled!!

Unfortunately, as an "unsophisticated drinker", how could I know this would happen? I want compensation!
 
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