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Not being in the US I don't know this but can Robinhood be sued, like a lot of people seem to be calling for, just for refusing to handle trades on a stock?
by ButterWashed 6y ago
Not being in the US I don't know this but can Robinhood be sued, like a lot of people seem to be calling for, just for refusing to handle trades on a stock?
- multjoy 6y agoThe T&Cs will almost certainly allow them a huge amount of latitude in what they will let people do with their platform. Although if a decent amount of retail investors lose money as a result of not being able to sell stock they already own then the blood is in the water for a class action. Saul Goodman is waiting for your call!
- Semaphor 6y agofrom what I've read, selling gme is the one thing they are allowed to do with it
- randmeerkat 6y agoThat’s a great question, can they unilaterally shutdown trading?
- otaconjh 6y agoWhich can be viewed as market manipulation. I'm not in US either but it looks pretty dodgy on their part. A key message of all these new trading platforms is that your capital is at risk. Their users know this, so why are they restricting trades?
- betterunix2 6y agoThey are restricting trades because this looks like a possible crime, and they do not want to be known as crime-friendly brokerages. "Your capital is at risk" is not the same as "it's a free for all."
- lldbg 6y agoRobinhood is a private company, and are allowed to decide what types of people they want to let trade on their platform.
- happytoexplain 6y agoThat would only make sense if they refused you at the door, or after you had sold all investments. Obviously the fact that these people hold shares complicates it.