Fidelity is offering restitution to clients after a website outage left millions of customers temporarily locked out of their accounts for more than two hours on Wednesday.
The brokerage firm said they would potentially offer several free trades, and waive commissions on select trades attempted during the outage. The claims are being evaluated on a “case-by-case” basis, the firm says.
“We’ll be reviewing each situation and then addressing them,” a Fidelity spokesman said Friday afternoon. “It depends on the individual case.”
The firm blamed the snafu on a “technical issue” but would not elaborate. A service alert on the company’s homepage had said, “We understand that some clients are unable to log in right now due to an internal technical issue… Please try again shortly.”
Caz Craffy admitted to taking nearly $10 million entrusted to him by Gold Star families and using it for excessive trades through outside brokerage firms.
Opponents haven't stated publicly that they will file a lawsuit, but one will almost certainly challenge the Biden administration's expansion of the fiduciary duty.
Fidelity launched a new hub aimed at helping advisors who said they're struggling to grow organically. The move comes as LPL Financial and BlackRock launched similar hubs this year.