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May 27, 2022


ROBINHOOD REACHES SETTLEMENT OF SUITS OVER 2020 TRADING OUTAGE

by Bloomberg News
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Robinhood
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(Bloomberg) — Lawyers for Robinhood Markets Inc. said they had reached an
agreement in principle to resolve litigation by some investors who were blocked
from trading shares in high-flying stocks during an outage in March 2020. No
details were disclosed.

“Once final details are resolved, and within 60 days of this notice, the parties
will file a motion for preliminary approval of the settlement,” the attorneys
said in a federal court filing Thursday.

Multiple investors sued Robinhood in several states, mostly alleging
restrictions by the trading platform that amounted to a breach of contract,
court records show. Cases in California were consolidated with a federal judge
in San Francisco.

The outage was a blow to the Silicon Valley startup, which drew in young, often
inexperienced investors with an easy-to-use trading app.
Robinhood popularized the zero-commission brokerage and introduced millions of
millennials and Gen Zers to financial markets. Critics, including some US
lawmakers, say it encourages risky frequent trading by novices.

The case is In re Robinhood Outage Litigation, 20-cv-01626, US District Court,
Northern District of California (San Francisco).



ROBINHOOD SETTLES WITH VERMONT FOR $640,000 OVER OUTAGES

Robinhood Markets Inc. reached a $640,000 settlement with Vermont regulators
over outages on the brokerage’s trading platform and lax supervision of
accounts.

Mar 17, 2022

In "News"

ROBINHOOD CUTTING 9% OF FULL-TIME STAFF AS ‘HYPER GROWTH’ EBBS

Robinhood Markets Inc. is dismissing 9% of its full-time staff, after the online
brokerage’s “hyper growth” cooled.  

Apr 26, 2022

In "News"

MOM AND POP INVESTORS TOOK A BILLION-DOLLAR BATH TRADING OPTIONS DURING THE
PANDEMIC

Of all the risky things amateur investors did while locked at home in the
pandemic, dabbling in stock options was one that veteran investors were
convinced would end badly.

Apr 27, 2022

In "News"

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