Robinhood traders file class action lawsuit against the company

from The Dr Boyce Breakdown · host Dr Boyce Watkins

The financial trading app Robinhood is been hit with a federal class action lawsuit after it restricted trades to stocks popular on the Reddit forum r/WallStreetBets.  The lawsuit, filed in the Southern District of New York on Thursday, alleges that the app “purposefully, willfully, and knowingly removing the stock ‘GME’ from its trading platform in the midst of an unprecedented stock rise, thereby deprived [sic] retail investors of the ability to invest in the open-market and manipulating the open-market.”

What this episode covers

The financial trading app Robinhood is been hit with a federal class action lawsuit after it restricted trades to stocks popular on the Reddit forum r/WallStreetBets. The lawsuit, filed in the Southern District of New York on Thursday, alleges that the app “purposefully, willfully, and knowingly removing the stock ‘GME’ from its trading platform in the midst of an unprecedented stock rise, thereby deprived [sic] retail investors of the ability to invest in the open-market and manipulating the open-market.”

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Robinhood traders file class action lawsuit against the company

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This episode was published on January 28, 2021.

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