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Robinhood wins collusion lawsuit over GameStop trading activity

Investors had sued Robinhood alleging they lost money when they couldn't trade out of GameStop and other stocks.

Robinhood app

Investors had sued Robinhood alleging they lost money when they couldn't trade out of GameStop and other stocks.

Photo: Gabby Jones/Bloomberg via Getty Images

A federal judge on Wednesday dismissed a lawsuit against Robinhood that had accused the company of colluding with Citadel Securities to limit trading of GameStop and other meme stocks in January.

Investors had sued Robinhood alleging they lost money when they couldn't trade out of GameStop and other stocks. At the time, Citadel executed a large portion of Robinhood's trades under an industry business model known as payment for order flow.

The incident triggered Congressional hearings, where lawmakers grilled Robinhood CEO Vlad Tenev and Citadel's Ken Griffin.

Previous court filings showed high-level communications between Robinhood and Citadel Securities on the day trading was curbed. Both companies denied the accusations.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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