Robinhood allegedly failed to provide the promised 'best execution' on customer market orders, executing certain equity trades at prices worse than the National Best Bid and Offer.
Eligibility
U.S. customers who placed one or more market orders to buy or sell equities on Robinhood between Sept. 1, 2016 and Sept. 1, 2018, where the execution price differed from the National Best Bid/Offer by more than $5 in aggregate.
Estimated Payout
average $17.60 per class member (from a $2,000,000 fund)
Claim Deadline
2026-07-13
Background
The case, In re Robinhood Order Flow Litigation (Case No. 4:20-cv-09328-YGR), was brought by lead plaintiff Ji Kwon in the U.S. District Court for the Northern District of California, before Judge Yvonne Gonzalez Rogers. Robinhood denies any liability and disputes that class members suffered damages at all, and the settlement notice states the parties disagree over both whether Robinhood's order-routing practices violated securities laws and how any damages should even be calculated. Class members who still hold an active, good-standing Robinhood account get paid automatically with no claim form required; a claim is only necessary for members without an active account, or for anyone who wants payment routed to a different bank via ACH. Lead counsel is not seeking any attorneys' fees from the fund at all, asking only for reimbursement of litigation expenses capped at $920,000.