Sued Robinhood and Won.

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up soon oh my gosh folks robin hood just

lost

29

460

and filing fees coming out of the

gamestop gme crisis take a look at this

folks an individual okay this is not the

sec this is not the class action lawsuit

an individual just won against robin

hood we're going to talk about this but

just quick recap remember that robin

hood stopped the ability for people to

buy shares and things like costs

gme

express

amc amongst other momentum-based stocks

even like blackberry robinhood simply

threw up their hands and said hey look

if you want to sell shares you can but

we are stopping the momentum movement of

january 2020 which happened on my

birthday last year january 20 well 2021

january 28 2021 complete crisis spent my

whole birthday dealing with the robin

hood nightmare uh and folks oh my

goodness the class action lawsuit got

thrown out

all the people in the class action

lawsuit lost uh so

robin hood was found essentially not to

have done anything inappropriate which

was an eye roller the sec

uh didn't really find anything that

robin hood did wrong but all of a sudden

in this finra arbitration

robin hood lost and this is leading a

lot of folks to wonder wait a minute can

i make a claim too and in this video

i'll show you how you too could make a

claim

uh okay folks take a look at this this

is a finra dispute resolution service

award uh claim or or a statement it is

worth noting that arbitrations are

confidential so we do not get the actual

details or merits of the case however if

you believe you have been defrauded by a

broker you can file a finra arbitration

claim request or or complaint

through finra.org

this for example shows you the

arbitration process here if you go to

finra.org you can file a claim i think

the filing fees are about 150 dollars uh

there uh

in cases i believe under fifty thousand

dollars there is no in-person hearing

requirement you simply submit your

statements of fact on each side uh there

is a discovery exchange of documents in

preparation for the hearing a hearing is

held and a determination is made in this

determination folks

we know that uh the parties uh jose

batista a trucker out of new york versus

robin hood

with a claim filed on may 7th for what

happened uh related to trades right here

including but not limited to

costs and express on january 28 2021

uh and uh and we're all related to

what we just talked about the cause of

action relates to respondent robin hood

placing trade restrictions on numerous

stocks including but not limited to

costs and express so in other words

could potentially also include gamestop

and amc that was the statement of claim

that robin hood breached its contract

breached it implied covenant with good

faith and fair dealing negligence

breached its fiduciary duty unjustly

enriched itself uh concealed potential

information between it and let's say

citadel or other market makers or or

even just mechanics as to what was

actually going on intentional

interference with the prospect of

economic advantage and negligent

interference with the prospect of

economic advantage that was the the

claim against robin hood

and while the uh uh the award does not

provide any kind of insight into what

the arbiter uh concluded in terms of how

much of this was actually correct we do

know that take a look at this here award

respondent robin hood financial uh and

robin hood securities are jointly and

severally is severally liable and shall

pay to claim it the sum of twenty nine

thousand four hundred and sixty dollars

in compensatory damages so this is not

like punitive it's not that they're

being punished this is just dude you

f'ed up this arbiter

has decided robin hood

cost this person at least

four 29

sixty dollars plus filing fees and

robinhood is being required to return

those filing fees to the claimant as

well and so this is leading a lot of

folks to wonder wait a minute should i

file as well

uh it's important to know that when it

comes to arbitration arbitrations

are very very different from the

judicial system they're dispute

resolution service they're they're

deemed to be quicker and more efficient

than than the legal system uh but

because of that their sometimes their

results can be a little more all over

the place they do not

establish legal precedent

so you're not going to be able to walk

into an arbitration and go hey this

other person awarded 29 000 where's my

award

uh i want to file a claim against robin

hood as well you're not going to be able

to use this as a legal precedent you

could try but

i mean it probably doesn't hurt to

mention it uh you never know maybe

there's a subconscious you could pull

off in terms of legal precedent but uh

arbitrations do not create legal

precedent uh and uh the arbitration

process is actually relatively simple

costs about 150 bucks again you can just

google finra arbitration process and

you'll get it here

you could read the overview of mediation

arbitration and all this but uh folks

this is this is a big win for the retail

community here one person winning twenty

nine thousand four hundred sixty dollars

here is uh is is uh substantial here and

is probably going to open the floodgates

for claims like this

again this all relates back to

the trades that occurred on january 28th

robin hood is as uh i i think really

felt mostly unscathed by a lot of this

there there have been

claims related to

prior issues with robin hood outages

where robin hood has had to reimburse

individuals hundreds to potentially

thousands of dollars but we haven't seen

something as large as this with a twenty

nine thousand four hundred sixty dollar

uh award uh to someone so i think this

is big it's worth noting that you have a

few different options in terms of what

you can do there's arbitration mediation

and filing a complaint arbitration and

mediation are a way of you actually

resolving a dispute this is different

from filing a complaint if filing a

complaint it means you're alleging some

kind of fraud or something just wrong

happening at the the brokerage that you

want to make finra aware of like if uh

if a company is being suspicious uh and

that you were not potentially directly

affected but that you're trying to make

finra aware of some shadiness that would

be an investor complaint you could check

that out but if you think you were

financially harmed i believe and this is

by no means legal advice

but i believe the proper way is dispute

resolution via finra arbitration

mediation there are two ways that you

can resolve disputes between a broker

and you in an inexpensive way uh and to

be considered the resulting claim must

have taken place in the last six years

and they do make it clear that if you

want to recover damages such as money or

securities filing an arbitration or

mediation

case offers you a way to seek damages

importantly investors can file an

investor complaint and file for

arbitration that you are not limited to

one option or the other and again

arbitration usually faster cheaper less

complex than full-on litigation i think

honestly a lot of people can probably

put this together without uh actually

using uh a an attorney although i always

recommend people speak with an attorney

if you want to see where the case is

just so you could kind of see this award

you could go to finra

case look up you can type that in finra

case lookup

and once you get into the case search

here arbitration awards online

you click this little box here and you

could honestly just throw in robin hood

and it should come up but if not you can

pull it by case number

we should see it here sorted there you

go it's the first thing that comes up

here and you can see this award here

robinhood financial

awarded january 6th it took a while for

for this to really uh hit the news

but uh it's really just been popularized

within the last 12 hours here here's

another one though it looks like

a nathan

eric

and eric versus robin hood here december

28th was clay was closed out let's see

here relief requested what happened on

this one

award uh

see in this case claimants claims are

denied in their entirety

and the claims here

were

violations of unfair competition laws

consumer legal remedies act fraudulent

misrepresentation

this cause of action relates to

game stop look at that so this is

probably a similar kind of setup

and in this case this individual lost so

you're not necessarily

uh i mean look at that we've only had

two here recently in the last month

here's one from august let's look at

what this summary is about case summary

fiduciary duty having to do with

gamestop release requested compensation

of thirteen hundred forty dollars

and

the award claiming is denied in their

entirety so it looks like uh it's it's

pretty hit or miss here we've got two

denies in a row but a 29 000 win over

here it does look like this claim was a

lot more detailed than than some of the

other ones remember some of the the

claims that were made here in the

statement a lot more detail than what we

just saw on those two that lost but

again we don't get the original claims

so anyway

crazy world out there stay safe if you

have this video helpful consider sharing

this video and folks we'll see in the

next one thanks so much