Robinhood allegedly attracts inexperience investors with its “game-like interface”  

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The plaintiffs and class members were locked out of their accounts and were unable to execute their trades or exercise their options contracts during the outages. As a result, they claimed to have suffered significant losses.

The complaint asserted that Robinhood failed to provide users meaningful assistance and “essentially abandoned” them during the outages. The online brokerage firm has no sufficient contingency or continuity plan and back-up system for its users.

The plaintiffs accused Robinhood of negligence, gross negligence, breach of fiduciary duty, breach of contract, breach of the implied covenant of good faith and fair dealing, violation of California Unfair Competition Law, and unjust enrichment.

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A copy of the amended class action lawsuit against Robinhood is available on Law360.com.

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