Robinhood on Track for $20 Million Data Breach Settlement (1)

Robinhood Financial LLC is on track to pay $20 million to settle a data breach suit with customers who claim that their financial information was compromised as a result of Robinhood’s negligence, after a magistrate judge in California granted preliminary approval of the proposed deal.

Customers filed the proposed class action alleging that 40,000 individuals were affected by the breach and millions of dollars were siphoned out of their accounts.

Magistrate Judge Susan van Keulen of the US District Court for the Northern District of California granted preliminary approval of the deal Wednesday, according to a short entry in the ...