Wilens

Wilens v. TD Waterhouse Group, Inc.

Good Law
120 Cal. App. 4th 746·15 Cal. Rptr. 3d 271·2003 Cal. App. LEXIS 1996·2004 Cal. Daily Op. Serv. 6348
Court of Appeal of CaliforniaDecember 19, 2003G030880California3,318 words

Opinion

Opinion

Sills, J.

Jeffrey Wilens sued TD Waterhouse Group, Inc. and Waterhouse Securities, Inc. (collectively, Waterhouse) for damages he allegedly incurred when his access to the Waterhouse Internet stock trading service was suspended without notice. He appeals from the order denying his motion to certify the action as a statewide class action for violations of the Consumer Legal Remedies Act (Civ. Code, § 1781) and the unfair competition law (Bus. & Prof. Code, § 17200) and as a nationwide class action for breach of contract. We affirm.

FACTS

Waterhouse is a large discount securities broker that provides financial services to individual investors, including Internet access to stock trading through its “webBroker” trading site. Investors can also conduct stock trading by using the TradeDirect automated telephone service or by contacting an account officer at a branch office. The commission charged for trading varies with the method used; online trading costs the least and in-person trading the most. Investors desiring access to Internet trading must sign an online trading agreement with Waterhouse in which it reserves the right “in its sole discretion, to terminate your access to…

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