Settlement Structure: Claims Made
Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.Case Summary:
This settlement resolves a class action against Robinhood Financial, LLC and Robinhood Securities, LLC, alleging the companies did not have adequate security measures in place for accounts that used its trading platform, enabling certain accounts to be taken over by unauthorized parties. No evidence was found of a breach of the Robinhood computer network. Robinhood has already provided funds to reimburse those who suffered unauthorized transactions in their accounts.Docket Number:
Company: Robinhood Financial, LLC
Filing Deadline: January 17, 2023
Class Period: January 1, 2020 to April 27, 2022
Objection Deadline: November 3, 2022
Exclusion Deadline: November 3, 2022
Final Approval Hearing: May 16, 2023Proof of Purchase:
If you wish to claim reimbursement for credit monitoring or identity theft products, you must provide documentation showing the amount you paid and when you bought these products.Eligibility:
You may be eligible if you are an individual living in the US whose Robinhood accounts were accessed by unauthorized persons between January 1, 2020 and April 27, 2022, or who notified Robinhood their accounts had been so accessed between those dates.Typical Settlement Amount:
(1) Reimbursement for unreimbursed out-of-pocket expenses: Up to $100. Does not include trading losses or lost opportunity damages. No additional supporting documentation required.
(2) Reimbursement for credit monitoring or identity theft products or services: Up to $100 for products or services bought because of unauthorized access to your account. Requires documentation of what you paid and when you paid it.
(3) Reimbursement for lost time: $20/hour for up to three hours of lost time. No additional supporting documentation required.
(4) Credit monitoring services for two years.
If total claims for reimbursements total more than $500,000, claims will be decreased pro rata to equal a total of $500,000.
Total Settlement Amount: $20 million from Alcon; $55 million from JJVCI; other amounts paid previously by other companiesClass Representative Proposed Incentive Fee:
Erickson Kramer Osborne, LLP
Claim Form: Robinhood Account Takeover Settlement Claim Form
Case Name: Siddharth Mehta, Kevin Qian, and Michael Furtado v. Robinhood Financial LLC and Robinhood Securities, LLC
Settlement Website: Robinhood Account Takeover Settlement Website
Mehta v. Robinhood Settlement
1650 Arch Street, Suite 2210
Philadelphia, PA 19103