HomeUncategorizedRobinhood beats investors’ appeal in GameStop meme stock case By Cointelegraph

Robinhood beats investors’ appeal in GameStop meme stock case By Cointelegraph

August 11, 2023

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© Reuters

A United States federal appeals court has upheld a decision to dismiss an investor class action lawsuit against online brokerage firm Robinhood (NASDAQ:) Markets over its meme stock trading debacle in early 2021.

A total of 16 investors took part in a class action lawsuit against the trading platform in September 2021, alleging the firm restricted them from purchasing 13 “meme stocks” when hedge funds were being short squeezed in January 2021.

The U.S. Appellate Court’s concluding remarks, affirming the lower court’s decision to dismiss the plaintiff’s case.