Muriel Harris v. TD Ameritrade, Inc.

OPINION

SUTTON, Circuit Judge.

Elsie, Muriel, and David Harris (mother, father, son) do not like how their broker is holding stock on their behalf. They claim they have a right to another form of stock ownership and filed a lawsuit to that effect. Yet no right of action — at least not one they have filed — permits them to vindicate the right here. Right or wrong about the underlying form of ownership, they cannot vindicate that position in the absence of a cause of action authorizing the lawsuit. Because neither federal securities law nor Nebraska commercial law gives the Har-rises a private…