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Securities

Jan. 27, 2025

Plaintiffs renew class certification bid in Robinhood 'meme stock' lawsuit

Plaintiffs in a lawsuit against Robinhood LLC have renewed their motion for class certification, alleging the trading platform misled users about its reliance on payment for order flow, which they claim led to inferior stock trade prices.

Plaintiffs renewed their motion for certification of a class complaint that accuses trading platform Robinhood LLC of lying to the public about the nature of its business.

The lawsuit, filed in 2020 in the Northern District of California, stems from Robinhood's temporary trading halt during the "meme stock" frenzy. It alleges that Robinhood concealed a critical aspect of its business model -- reliance on "payment for order flow." According to the plaintiffs...

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