News for hackers. Stuff that matters.
Re:Analysis: Robinhood protected from lawsuits by user agree... by ummonk on Saturday January 30, 2021 @01:54PM (#25971812)
The harm is more particularized for those whose stock was auto-sold at the dip for a margin call because they had bought the stock in an instant account.
Re:Analysis: Robinhood protected from lawsuits by user agree... by jcranmer on Saturday January 30, 2021 @02:04PM (#25971899)
There are definitely same claims for harm that are stronger than others. Whether any of the 6 (!) class action suits currently pending actually claim that harm is a different matter.

Of the stuff I see on court listener:

* 3 don't have documents available (and I'm not going to bother signing up for PACER just to find out)

* 1 has a claim predicated on "I could have bought or shorted GME" (yeah, not gonna fly)

* 1 has a claim predicated on "the value of GME stock fell, causing me loss" (doesn't mention if the stock was actually sold, so it's purely paper loss, so really not gonna fly)

* 1 has a claim predicated on "I tried to buy, but couldn't" (best chance of succeeding, but I think they're still screwed anyways)

Re:Analysis: Robinhood protected from lawsuits by user agree... by tptacek on Saturday January 30, 2021 @04:02PM (#25972948)
You should sign up for PACER. It's easy (although the web interface is horrible) and costs basically nothing at the scale you'd be using it at. It's one of those things you won't use often but you'll be happy you set it up, like, a couple times a year.
Re:Analysis: Robinhood protected from lawsuits by user agree... by jcranmer on Saturday January 30, 2021 @05:35PM (#25973707)
Most of the cases I'm interested in, someone has already signed up for PACER and added them to courtlistener by the time I get to it. Or it's a SCOTUS case and the entire docket is accessible for free on supremecourt.gov :-)
Re:Analysis: Robinhood protected from lawsuits by user agree... by tptacek on Saturday January 30, 2021 @05:41PM (#25973754)
It was the same for me, but I like it when I can grab something that hasn't hit Courtlistener yet for, like, 50 cents. :)

It's a good message board power-up, I guess.

Re:Analysis: Robinhood protected from lawsuits by user agree... by r00fus on Saturday January 30, 2021 @06:05PM (#25973934)
And install/use RECAP so you can make PACER use more free.

https://free.law/recap

Re:Analysis: Robinhood protected from lawsuits by user agree... by gruez on Saturday January 30, 2021 @02:01PM (#25971874)
Is there proof of this? This gets repeated a lot and the best "proof" I've seen was a wsb post claiming they got sold "without [their] permission", but stopped short of saying whether they were using margin or not.
Re:Analysis: Robinhood protected from lawsuits by user agree... by nrmitchi on Saturday January 30, 2021 @02:10PM (#25971955)
One piece of the "Robinhood Abstraction" that is popping up a lot right now is that the fact that a large majority would have been using margin, but not known it.

Much of the nice and fast experience that Robinhood offers ("Just signed up? You can start trading!", "Initiated a transfer? Start trading now!", "Just sold something? Rebuy something else immediately!") are all powered by the fact that these are all technical using margin.

Re:Analysis: Robinhood protected from lawsuits by user agree... by Jommi on Saturday January 30, 2021 @03:41PM (#25972795)
If you use the "instant deposit" feature (its ON by default) on Robinhood, you are using margin. Its one of the weird things people never really though about.