For the recordkohll wrote:Just tot i share my views on this.
i think when "lawyers think its contestable" it's becos......
Even if you sign a black and white contract, does not mean it can be legally binding.
google Unfair Contract Terms Act
http://en.wikipedia.org/wiki/Unfair_Con ... s_Act_1977" onclick="window.open(this.href);return false;
I guess it's up to the judge to decide if the terms in the contract satisfies the "Reasonableness test", and the validity of any exemption/indemnity (of the Company) clauses within the contract.
I think if we google enough, we should be able to find enough legal cases where judges invalidate contracts signed due to unfair terms.
I can also understand Saxo's point. If Saxo fights the case, they stand a chance (even if it's 0.0001%) to recover some money. If they just let it be, it's a 100% loss. So why not just try.
On a separate note, who the hell reads the T&Cs when they activate their iPhones .....i think if you print out the T&C in 12pt, it should be a few thousand pages. And almost 99.999% of iphone users just "I accept" in 2 seconds.
Maybe hidden in that millions of words under clause 3012.1.3 section 521 para 488 it says, "Apple has the right to charge you $10 everyday, and collect from you in 2016" ? (Legally binding?)
For the record...kohll wrote:We would accept our losses if it does means that out positions are close out on fair terms. Pls refer to the below sequence of events for saxo
Each of us has suffered losses from our respective positions and we would have accepted it and move on. However its the subsequent of the general sequence of events that made our experiences in dealing with Saxo Capital thus far have left us thoroughly disappointed, as their actions have been grossly unfair, improper and unethical.:
• We received notifications that stated that orders on our accounts were executed, along with the corresponding rates.
• Some 12 hours after the orders were filled, Saxo Capital proceeded to retrospectively re-price these executed orders.
• It was only on or around 26 January 2015 when Saxo Capital explained the revised rates.
• As a result of the re-pricing, many account balances there were comfortably in the positive were wiped out, and went into negative.
• Despite being well aware of clients’ dispute regarding the re-pricing and Saxo Capital failing to provide satisfactory explanations, Saxo Capital began issuing Letters of Demand for negative balances and/or margin calls.
kohll wrote:An example, one of the people in my group upon the close out of all the positions, i.e. stopped out with losses of 300k, but he still have a positive cash equity of 200k.
However, 12 hours later, the restatement of the CHF rates wiped out all the positive cash equity and resulted in negative equity of 1.8 million!
Saxo subsequent issued demand of payment of 1.8 million!
kohll wrote:Saxo Told to Hand Franc-Trade Details to FSA Amid Complaints
http://www.bloomberg.com/news/articles/ ... complaints" onclick="window.open(this.href);return false;
This show what SAXO is doing is not right, irresponsible, and complete lack of intergity
I understand MAS is also in SAXO Singapore office to investigate the legality of the adjustment
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