They admitted fault, and at the time told me it might take a week or two to restore and they would make good on any gains I would have made in the interim, and would protect me from any losses as well, so that sounded good to me, (although they would never tell me in any detail what that meant even though I later asked). To keep it simple let's say the value liquidated was 500K.
Fast forward 2 weeks and they had pulled the 500K cash back from the IRS and from my bank where they sent it and used it to restore the exact number of shares that they liquidated, and here's where it gets interesting. In the interim the market had (not surprisingly) gone down, so value of the shares they bought were less than what they liquidated, let's lay 490K. As well, the very next day the market went down again, let's say another 5K.
Now, keep in mind that the first value that I can actually trade my shares at is the value of the shares (all mutual funds) the day after they re-bought the shares.
My expectation would be that they then need add to my account the difference in its value when they liquidated it (500K), and it's value the first day I could actually manage it again (485K), i.e. 15K. Again, the value of the account the day they bought the shares back was no different to me than any day during the previous two weeks when I had no control over my account due to their error.
Right now they are claiming they only need to add back the 10K the shares had lost between liquidation day and they day they bought them back. Again, that value means nothing to me because I couldn't have turned around and traded them, and I think the risk on that day belongs to Fidelity, not me.
What say you board?
Fast forward 2 weeks and they had pulled the 500K cash back from the IRS and from my bank where they sent it and used it to restore the exact number of shares that they liquidated, and here's where it gets interesting. In the interim the market had (not surprisingly) gone down, so value of the shares they bought were less than what they liquidated, let's lay 490K. As well, the very next day the market went down again, let's say another 5K.
Now, keep in mind that the first value that I can actually trade my shares at is the value of the shares (all mutual funds) the day after they re-bought the shares.
My expectation would be that they then need add to my account the difference in its value when they liquidated it (500K), and it's value the first day I could actually manage it again (485K), i.e. 15K. Again, the value of the account the day they bought the shares back was no different to me than any day during the previous two weeks when I had no control over my account due to their error.
Right now they are claiming they only need to add back the 10K the shares had lost between liquidation day and they day they bought them back. Again, that value means nothing to me because I couldn't have turned around and traded them, and I think the risk on that day belongs to Fidelity, not me.
What say you board?