Robinhood Reaches Deal With Customers In Outage Suit

By Hailey Konnath (May 27, 2022, 9:48 PM EDT) -- Robinhood has reached an agreement in principle with customers suing over repeated service outages, according to a notice filed in California federal court Thursday.

The notice didn't include the specifics of the deal. But Robinhood and the account holders said that the final details would be hammered out within two months, at which time they'd file a motion for preliminary approval of the settlement.

The Robinhood users had been looking to certify a class of nearly 7 million account holders. The litigation centers on a series of outages in 2020 they say were caused by the company's "reckless, profit-driven manner," including...

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