Robinhood Gets Hit with Class Action Lawsuit
January 29, 2021
A new class action lawsuit filed in the Central District of California alleges that behemoth online brokerage, Robinhood, breached its duties to investors when it "willfully and knowingly" disabled certain crucial and basic trading functions crippling its clients' abilities to trade from their accounts.
The complaint alleges that Robinhood clients who owned, or sought to acquire, shares of Gamestop Corp (NYSE: GME), AMC Entertainment Holdings, Inc. (NYSE: AMC) and Blackberry, LTD (NYSE: BB), were damaged when Robinhood deliberately handcuffed their ability to trade, thereby benefitting Wall Street institutions.
New California Class Action Lawsuit Against Robinhood Alleges Online
Brokerage "Sacrificed" Main Street Investors