Problems with Scottrade's Website Prompt Complaints, Possible Legal Action
Last Updated on June 26, 2017
Attorneys working with ClassAction.org are no longer investigating this matter. The information here is for reference only. A list of open investigations and lawsuits can be viewed here.
At A Glance
- This Alert Affects
- Customers who were unable to access their Scottrade accounts due to problems with the company's website.
- When Did This Happen?
- The latest outage was reported on August 12, 2014, although this may not be the first time the site has gone down.
ClassAction.org is no longer reviewing claims for this case. The information here is for reference only.
Our full list of active lawsuits and investigations can be found here.
Attorneys are investigating whether a class action lawsuit can be filed against Scottrade, Inc. following problems with the company’s website. On August 12, 2014, customers who were attempting to log onto the website found that the site was down and were told by the company that it would remain down for some time. Customers were reportedly instructed to call a live broker until the website went back up; however, because so many calls were being fielded during this time, customers – anxious to execute their trades – complained that they faced lengthy and unreasonable wait times. Because of the fast-changing nature of stock prices, Scottrade customers may have lost money as a result of the website outage.
Scottrade Website Problems Affecting Stock Trading?
Multiple customers have complained online about the August website outage and its impact on their ability to trade. Their complaints include:
“Nothing is scarier to an active trader than a platform crash like this. It is a dealbreaker.”
"Phone lines are totally maxed out, the online system down .... where are the people answering all the phone lines?”
“On 1-8-14, I was unable to log into my account. I needed to get in to buy and sell stock at an early trading time. Because the website was down, I lost money simply because I was not able to get the right prices. I could see the streaming prices early. Consequently, I lost about $200.”
“I cannot get on the website today. I have opened positions, I can't sell, I can't get a live operator. This happens all the time. The online services have gotten so slow that I have now come to the point where I call and and place trades online at the same time....”
Scottrade has confirmed that they experienced problems from 8:40 a.m. through 10:20 a.m. EST on August 12, 2014.
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