Wolf Haldenstein Partner Rachele Byrd Appointed to Executive Committee For Robinhood Outage Class
Wolf Haldenstein Partner Rachele R. Byrd was appointed as an executive committee member in the consolidated consumer class action against Robinhood customers alleging contract, tort, and consumer protection claims arising out of the March 2020 outages. It is alleged that during the outages, Robinhood failed to process trades in a timely manner or at all, and it was discovered that Robinhood’s continuity plan was nonexistent as Robinhood simply abandoned its customers. It is further alleged that Robinhood, as part of its operation, lures in young and unsophisticated traders with its sleek app design and easy-to-use interface, but lacks contingency and continuity plans that could have aided users when they lost access to their accounts at a critical time. The litigation seeks to recover damages for those injured as a result of the outages. The litigation is currently pending in the United District Court for the Northern District of California before the Hon. James Donato.