Robinhood In Settlement Talks With FINRA Over 2020 Outages
Law360 (February 26, 2021, 9:15 PM EST) -- Robinhood disclosed Friday that it may face at least $26.6 million in costs to settle investigations from the Financial Industry Regulatory Authority into service outages the trading platform experienced last year and its management of options trading.
The embattled online brokerage said in its annual report that it is working to negotiate a resolution of the Wall Street regulator's probes into both the March 2020 outages and its customer communications related to options trading and that even if a resolution is reached, it would likely include charges for FINRA rule violations.
"We cannot predict, however, whether these discussions will result in...
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