On May 16, 2023, a judge in the Northern District of California approved EKO's class action settlement against online stock and crypto exchange Robinhood for allegations of privacy rights violations.
As reported by Barron's and other news outlets, the settlement provided significant institutional changes for Robinhood users and up to $20 million in value.
The judge noted "Plaintiffs’ counsel represented their clients with skill and diligence and obtained an excellent result for the class, taking into account the possible outcomes at, and risks of proceeding to, trial."
EKO filed the case in 2021, alleging tens of thousands of Robinhood customers’ accounts were hacked and millions of dollars of customer funds were stolen. The plaintiffs claimed Robinhood failed to provide adequate data security protocols, mishandled the breach, and did not alert customers in a timely fashion. They also claimed Robinhood violated the California Consumer Privacy Act, among other laws.
For more information about the case, see our Case Brief here.
