You may be a Class Member in a proposed Class Action Settlement if your Robinhood account was accessed by an unauthorized user.
The Notice relates to Siddharth Mehta, Kevin Qian, and Michael Furtado v. Robinhood Financial, LLC and Robinhood Securities, LLC, Case No.: 5:21-cv-01013-SVK (N.D. Cal.)
A Federal Court authorized the Notice. This is not a solicitation from a lawyer.
Important Dates
- A Settlement has been reached in a putative class action lawsuit against Robinhood Financial, LLC and Robinhood Securities, LLC (“Robinhood” or “Defendants”). Plaintiffs allege that Robinhood failed to use adequate security practices in connection with its trading platform, making customer accounts vulnerable to account takeovers. There is no evidence that unauthorized access to customer accounts was caused by a breach of Robinhood’s computer network.
- For every Class Member who submits a claim, the Settlement provides up to $100 for out-of-pocket expenses resulting from unauthorized access, up to $100 in reimbursement for credit monitoring or identity theft protection services that were purchased based on the unauthorized access, up to $60 as a payment for time spent responding to the unauthorized access, and credit monitoring services for two years.
- Also as part of the Settlement, Robinhood will agree to maintain certain security policies and practices, including two-factor authentication; screening for, and prompting users to update, potentially compromised passwords; proactive monitoring for account takeovers; customer awareness campaigns that provide information and tools for better cybersecurity hygiene; and real-time voice support.
- Robinhood denies all charges of wrongdoing and liability.
- Your legal rights are affected whether you act or don’t act. The Notice contains information about the Settlement and the lawsuit. Read the entire Notice carefully.
| YOUR LEGAL RIGHTS AND OPTIONS | |
|---|---|
| SUBMIT A CLAIM FORM | You can submit a Claim Form electing one or more of the payments and benefits described in the Notice. YOU MUST SUBMIT A CLAIM FORM TO RECEIVE A PAYMENT. If you submit a claim, you give up your rights to sue the Defendants over the claims released in the Settlement. Deadline: January 17, 2023 |
| EXCLUDE YOURSELF | If you exclude yourself (“opt out”), you will not be included in the Settlement. You will receive no benefits and you will keep any rights you currently have to sue the Defendants. For instructions on how to Exclude Yourself, click here. Deadline: November 3, 2022 |
| OBJECT | If you do not exclude yourself, and if you disagree with the Settlement, you can write to the Court to explain your objection. For instructions on how to Object, click here. Deadline: November 3, 2022 |
| DO NOTHING | You will not receive any payment or credit monitoring services and you give up your right to sue Defendants about the claims in the case. No Deadline |
If you previously reported an account takeover to Robinhood, and Robinhood found that no unauthorized access occurred, click here.
These rights and options—and the deadlines to exercise them—are explained in the Notice.