Lawsuit against Robinhood for Blocking Gamestop (GME) Trades
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January 28, 2021Robinhood Financial, an online stock brokerage, which boldly represents it democratizes finance by making trading more accessible, blocked the free tradining in a number of equity securities, including in shares of Gamestop (GME) and AMC Entertainment (AMC), on the morning of January 28, 2021 at a time the securities were trading at an all-time high and reportedly subject to a short squeeze against large institutional investors including Melvin Capital which has been reported to be partially owned by Robinhood's market maker or stock order data customer Citadel LLC, a large financial institution owned by Ken Griffin, and Steven Cohen, owner of Point72 hedge fund and the NY Mets professional baseball team. NY attorney Alex Cabeceiras of Derek Smith Law Group, PLLC filed a class action suit in the Southern District fo NY (SDNY) against Robinhood on behalf of Massachusetts investor Brendon Nelson and similiarly situtated Robinhood customers claiming breaches of contract, implied covenant of good faith and fair dealing, and of fiduciary duty and negligence. Follow this page and @USLaw.com on twitter for updates.