Robinhood, the stock trading app, faces its first lawsuit after outages on Monday and Tuesday locked out its 10m users during sharp swings in the stock market.
Travis Taaffe, a Florida resident, has sued the company for failing to provide access to trade his funds on the Robinhood app on Monday, when US stocks gained 4.6 per cent, one of the best days since the financial crisis. The lawsuit was filed in federal court in Florida and is attempting to gain class action status. It estimates at least 1m users were affected with losses exceeding $5m.
https://www.ft.com/content/c0573ffe-5ef5-11ea-8033-fa40a0d65a98