where can I sue a large stockbroker co. for their mistake/my loss?

[sendintheclowns]

I dealt with a large stockbroker firm in Bangkok.

in 2017, the broker I assigned to, suggested I pre-sign blank forms needed to convert my foreign designated stock in BTS, into local designated stock. You need to do this, before the dividend is paid, otherwise you lose your rights to receive the entire dividend. The broker I dealt with did this all year. Then she left in December. Before she left, she passed on all of the forms I had pre-signed. The new broker thrashed all of the forms, as it was not company policy.  They did not let me know what they had done. So I lost 55,000 baht dividend, declared by BTS in December.

The stockbroker company denies responsibility. It is not worth hiring a lawyer. Can I go through something similar to what we have in Canada, a Small Claims Court? Has anyone exerience of doing this, successfully or otherwese.

I would appreciate any advice. Thanks. 

[Maradona 10]

55k...Seriously, is that it??? Write it off and move on man. Jeez.

[melvinmelvin]

16 minutes ago, Maradona 10 said:

55k...Seriously, is that it??? Write it off and move on man. Jeez.

 

agree, not worth chasing

 

[ubonjoe]

Perhaps a complaint to the SET. They oversee brokers as well.

https://www.set.or.th/set/mainpage.do?language=en&country=US

[Time Traveller]

Sendintheclowns, are you thai or foreigner? 

 

Only if you are Thai, to receive dividends, should you own local shares.

If you are foreign, you must own foreign shares to get paid dividends. Otherwise, if you own local shares, no dividend.

This is posted on the SET website...on page 7 of the Foreign Handbook. 

www.set.or.th/en/trading/files/SET_Foreign_Handbook_v2.pdf

 

Just so you know, unless you care about voting rights or (in my case) rights for Corporate Tax Credits on dividends paid, it might be easier for you just to own NVDRs instead of the foreign shares, particularly if you buy and sell often.

[sendintheclowns]

On 7/31/2018 at 8:58 PM, Time Traveller said:

Sendintheclowns, are you thai or foreigner? 

 

Only if you are Thai, to receive dividends, should you own local shares.

If you are foreign, you must own foreign shares to get paid dividends. Otherwise, if you own local shares, no dividend.

This is posted on the SET website...on page 7 of the Foreign Handbook. 

www.set.or.th/en/trading/files/SET_Foreign_Handbook_v2.pdf

 

Just so you know, unless you care about voting rights or (in my case) rights for Corporate Tax Credits on dividends paid, it might be easier for you just to own NVDRs instead of the foreign shares, particularly if you buy and sell often.

thanks I'm an expat. been investing for years. i know the rules. about holding NVDR status shares. my broker arranged for us to presign blank conversion forms, from NVDR to Local. everytime she saw a div. declared, she converted to local. Once a stock went XD, she converted back. Before she quit K and moved to M., she passed on the presigned forms, which her successor trashed, without letting me know. of course I've moved my money. and no, Maradona, 55,000 baht is not a lot of money. It is the principle. 

[TallGuyJohninBKK]

I think Time Traveller is correct in his explanation above. Which kind of begs the question, why you and your broker were going thru the elaborate process you described, which led to you losing dividends, instead of just keeping your shares as foreign shares and receiving the dividends from them without any oddball stuff about conversion forms?

 

Edited October 12, 2018 by TallGuyJohninBKK