Robinhood Reaches $19.5 Million Settlement With Hacking Victims

Customers who sued are seeking court approval to resolve claims that trading platform didn’t do enough to protect sensitive information.

• Filing in northern California federal court says about 40,000 Robinhood customers alleged unauthorized users accessed their accounts since 2020
• “A majority of these events involved no lost funds or unauthorized transactions, and Robinhood compensated those who did lose funds,” according to filing. “Still, the victims incurred various expenses and lost time responding to the hacks”
• Settlement provides payment of up to $260 cash from a pool of $500,000, plus two years of credit monitoring and identity theft protection for affected ...