Robinhood – No Longer the Heroic Outlaw Who Steals from the Rich to Give to the Poor

On January 28, 2021, Brendon Nelson filed a four-count class action lawsuit in (the United States District Court for the Southern District of New York) against Robinhood Financial, LLC, Robinhood Securities, LLC and Robinhood Markets, Inc., for Breach of Contract, Breach of the Implied Covenant of Good Faith and Fair Dealing, Negligence, and Breach of Fiduciary Duty. This class action comes after a market frenzy fueled by traders who utilize Reddit’s WallStreetBets forum to discuss stocks, sent shares of GameStop soaring which caused losses (in the billion-dollar range) to hedge funds that were shorting the stocks. More [...]