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ROBINHOOD FACES CLASS-ACTION LAWSUIT FOR TRADE RESTRICTIONS

On January 28th, the stock trading app Robinhood became a subject of class-action lawsuit, following accusations of trade restrictions by users. The suit was filed by the Southern District of New York and Robinhood is accused of “purposefully, willfully and knowingly removed the stock ‘GME’ [GameStop] from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market and manipulating the open-market.” As a result users could not purchase AMC, GameStop and BlackBerry stocks.


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