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Court allows class action lawsuit against crypto trading platform Robinhood

 


The major trading platform Robinhood, which offers both stocks and cryptocurrencies, faces allegations of market manipulation, which have now been brought by several investors in a class action lawsuit.


As Reuters reported yesterday , a court in the US state of Florida has now ruled that the class action lawsuit will be allowed. This refers to the "meme stocks" owned by GameStop, AMC and seven other struggling companies, which were chosen by users of the social network to generate share price increases through collective demand. In the course of this, the cryptocurrency Dogecoin ( DOGE ) was also raised to a new record high.


At that time, Robinhood had temporarily stopped trading in the "joke shares" in question, because the price increases that had been achieved resulted in a so-called "short squeeze", which resulted in considerable losses for several large hedge funds. The temporary trading stop was therefore seen by many observers as a kneel before high finance, while the small investors, who actually make up the main customer base of Robinhood, in turn had to accept losses as a result. The reason given for this is the platform's connections to the affected financial service providers Citadel and Melvin Capital.

The case triggered a veritable controversy in American politics, whereupon Robinhood boss Vlad Tenev was even summoned before a parliamentary committee of inquiry in February 2021.

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