Robinhood reaches settlement of suits over 2020 trading outage

– A + A (May 27): Lawyers for Robinhood Markets Inc said they had reached an agreement in principle to resolve litigation by some investors who were blocked from trading shares in high-flying stocks during an outage in March 2020. No details were disclosed. "Once final details are resolved, and within 60 days of this notice, the parties will file a motion for preliminary approval of the settlement," the attorneys said in a federal court filing Thursday. Multiple investors sued Robinhood in several States, mostly alleging restrictions by the trading platform that amounted to a breach of contract, court records show. Cases in California were consolidated with a federal judge in San Francisco. The outage was a blow to the Silicon Valley startup, which drew in young, often inexperienced investors with an easy-to-use trading app. Robinhood popularized the zero-commission brokerage and introduced millions of millennials and Gen Zers to financial markets. Critics, including some US lawmakers, say it encourages risky frequent trading by novices.

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