Robinhood Traders Bid For Class Cert. In App Outage Case
By Dean Seal (October 26, 2021, 7:25 PM EDT) -- Robinhood users are seeking certification for a class of nearly 7 million fellow account holders in litigation over repeated service outages the popular brokerage experienced amid volatile market conditions in the spring of 2020.
The proposed class told a California federal judge that the record built in the case shows Robinhood Markets Inc. breached its contracts and fiduciary obligations to customers, flouted regulatory requirements and acted "in a reckless, profit-driven manner" in the lead-up to an outage on March 2, 2020, which took "all of its investors out of the market for the entire day."
"Plaintiffs present a fulsome damages analysis...
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