Robinhood Inks $20M Deal To Settle Suit Over Account Hacks

By Allison Grande (July 6, 2022, 10:36 PM EDT) — Robinhood Financial LLC has agreed to pay up to $20 million to provide compensation and credit monitoring to thousands of customers who say their accounts were hacked in order to settle a putative class action accusing the trading platform of failing to do enough to thwart the unauthorized access. 

Plaintiffs Kevin Qian and Michael Furtado asked Northern District of California Magistrate Judge Susan van Keulen on Friday to preliminarily approve the deal they’ve reached with Robinhood to resolve their suit accusing the popular stock-trading platform of failing to maintain industry-standard security measures that they claim could have blocked third parties from improperly accessing…

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