Top business headlines, all in one place.Circuit Court of Appeals in Atlanta said Robinhood's standard customer agreement specifically authorized the restrictions, and did not suggest that Robinhood would accept all trade orders. Other holders of the stocks also said they were harmed, because the restrictions eventually caused prices of their stocks to fall.īut in a 3-0 decision, the 11th U.S. Robinhood Markets on Thursday defeated an appeal by investors over the stock trading platform's decision to restrict purchases of 13 "meme stocks" during a January 2021 frenzy that squeezed hedge funds.Ĭustomers who owned stocks such as AMC Entertainment, the former Bed Bath & Beyond and GameStop claimed in the proposed class action that they lost money because Robinhood stopped them from buying more as social media-fueled trading drove prices skyward.
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