Robinhood About to Finalize Settlement with GameStop

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Robinhood is currently working towards reaching a settlement with investors who sued the company for halting the trading of certain meme stocks in 2021.

In a court filing on May 28, the company’s lawyers stated that they are in the process of finalizing the settlement and expect it to be resolved and dismissed within the next two weeks.

The details of the settlement were not disclosed and representatives from Robinhood and the investor group did not immediately comment. The investors had accused Robinhood, led by Blue Laine-Beveridge, of manipulating market prices and causing significant losses for investors by restricting access to certain stocks between January 28 and February 4, 2021.

The affected stocks included GameStop, AMC, Bed Bath & Beyond, BlackBerry, Nokia, trivago, Koss, Express Inc. and Tootsie Roll. This case is part of a larger lawsuit involving Robinhood’s actions related to meme stocks in various US courts.