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Civil Litigation

Feb. 19, 2021

Judge won’t dismiss suit against Robinhood over earlier outages

U.S. District Judge James Donato called on both sides to settle after calling the case unusual since Robinhood already admitted fault and apologized for the outages. "That's 80% of the battle in most cases," he said. "You have a big head start."

As Congress members grilled the chief executive of online trading platform Robinhood for abruptly halting the purchases of the hottest stocks on Wall Street to the detriment of retail investors, a federal judge in San Francisco refused Thursday to dismiss a proposed class action against the company over unrelated service disruptions last spring because users could have "missed opportunities to profit from trades during the outages."

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