Robinhood Financial Inc., facing lawsuits over crashes on its trading platform amid violent stock market swings, is now being accused of offering a “$75 goodwill credit” to dupe customers into waiving their legal rights.
Attorneys for users who are suing the beleaguered company asked a federal judge in Florida to order Robinhood to stop sending “misleading communications” and to void any releases already signed by customers.
“We view this type of activity by Robinhood as a calculated attempt to wipe out users’ class action claims without informing the users that they can instead participate in the class action should they so choose” lawyer Michael S. Taaffe said in a statement.
Robinhood spokespersons didn’t immediately respond to a request for comment. The company has called the outages “unacceptable” and has said it’s “focused on continuing to improve the stability of our service and the overall customer experience.”
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It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
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