Civil Litigation,
Banking
Jun. 1, 2022
Class reaches deal in lawsuit over Robinhood’s trading outage
“Robinhood unfairly interfered with plaintiff’s and class members’ rights to receive the benefits of the customer agreement by, among other things, failing to disclose that its platform was inadequately built and maintained to handle consumer demand…,’ according to the complaint.
Robinhood Inc. has agreed in principle with a group of plaintiffs to dismiss a class action over an outage that kept them from trading. While the exact terms of the agreement remain unknown, the first lawsuit to identify Robinhood’s system inadequacies seems to be drawing to a close.
Karen P. Kimmey, partner at Farella Bran + Martell LLP, and Maeve L. O’Connor, partner at Debevoise & Plimpton LLP, filed the settlement notice with U.S. ...
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