- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2022-08-25T19:01:00
Online stock trading platform and broker-dealer Robinhood Financial moved closer to paying $20 million as part of a class-action settlement with thousands of customers whose accounts were allegedly accessed by unauthorized users.
From January 2020 through April 2022, Robinhood “used substandard security practices and lacked security measures used by other broker-dealer online systems,” according to a motion for settlement filed July 1 in U.S. District Court for the Northern District of California. A California magistrate judge granted preliminary approval of the deal Tuesday, according to court documents.
Robinhood agreed to settle without admitting any liability or wrongdoing.
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Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.
Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.
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