Sunday, July 31, 2005

South Florida investor sues Nasdaq over $600,000 loss

Steven Weissman, a Cooper City lawyer, is representing himself in an unusual suit claiming that advertisements by Nasdaq influenced his decision to purchase more than $600,000 of stock in WorldCom Inc., mostly in early 2002, just before the telecom giant filed for the biggest bankruptcy in U.S. history. According to this Sun-Sentinel article: "Weissman feels emboldened by the federal court system, which he sees as an equalizer, the rare place where 'a single solitary citizen can get a fair shot taking on the titans,' he says." The case is being heard by Chief Judge Zloch.

2 comments:

dsgolburgh said...

As an educator, I spend a great deal of time insuring that all of my students know that television advertising is a meant only TO SELL PRODUCTS. Maybe Mr. Weissman needed to update himself with the way a capitalist society promotes the spending of capital to increase wealth. Isn't this the same thing as suing McDonalds because the coffee was too hot?

Anonymous said...

But what if the ad was misleading? As for the coffee comment, a jury found it was too hot.