Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by joering2 on Thursday January 28, 2021 @10:48AM (#25943676)

Now they made enemies of most of their clients. I bet not more than few weeks before you will see advertising from big shot lawyers on national TV welcoming you into class action lawsuits. Frankly, I am terribly disgusted by this news from Robinhood and I hope they will be sued into eternity... and then hopefully DOJ step in an see what they did was illegal. If you have Robinhood account, write you state AG. Show your outrage in writing so they can also get involved.

[ Parent | on HN ]

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by techsupporter on Thursday January 28, 2021 @11:46AM (#25944636)

> you will see advertising from big shot lawyers on national TV welcoming you into class action lawsuits

Like all darling start-ups, Robinhood has a section of its terms of use whereby users give up their right to sue.

Because courts are only for the rich and those with the power to negotiate. The rest of us clicking on take-it-or-leave-it contracts can pound sand.

Section 38: https://cdn.robinhood.com/assets/robinhood/legal/Robinhood%2...

[ Parent | on HN ]

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by WrtCdEvrydy on Thursday January 28, 2021 @11:57AM (#25944836)

What if you're not a user and these trade restrictions affected your trades outside of the RH platform?

It's illegal to dump products on a market (physical products) below price... yet some a-hole can force their plaform into "sell-only" mode and it's all cool.

[ Parent | on HN ]

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by f-word on Thursday January 28, 2021 @01:11PM (#25946114)

Hi! Sorry, not an american.

Exactly how is it legal to forego your right to a fair trial on an "agreement" between two parties who for any intents and purposes do not know each other?

[ Parent | on HN ]

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by jaywalk on Thursday January 28, 2021 @01:22PM (#25946367)

Clauses like this are put in there to try and protect from nuisance lawsuits. But in a case like this, it will certainly not protect them.

[ Parent | on HN ]

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by headsupftw on Thursday January 28, 2021 @12:51PM (#25945672)

Speaking of which, https://twitter.com/ljmoynihan/status/1354836830169006081

[ Parent | on HN ]

Re:Robinhood is limiting purchases of stocks: AMC, Blackberr... by MrMan on Thursday January 28, 2021 @12:13PM (#25945051)

there are lots of other ways to trade stocks and they will all limit your ability to trade any old thing depending on the state of the market, the state of your balance sheet, the state of their balance sheet. why do you care about one particular crappy retail broker?

[ Parent | on HN ]