In 2021, EKO filed a class action lawsuit against FinTech giant Robinhood related to an alleged data breach. Tens of thousands of Robinhood customers’ accounts were taken over and millions of dollars of customer funds were stolen. 

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The lawsuit was filed on behalf of all customers who were victims of unauthorized account access after January 1, 2020. It alleged that Robinhood failed to provide adequate data security protocols, mishandled the breach, and did not alert customers in a timely fashion. It also claimed Robinhood violated the California Consumer Privacy Act, among other laws.

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The case settled in early 2022 and the judge overseeing the case has approved of the settlement. The settlement ensures all Robinhood customers will benefit from key cybersecurity and account protection measures to prevent a repeat of the '20-'21 incident. It also provides a maximum value of approximately $19.5 million in monetary relief and identity theft protection services to approximately 40,000 customers.

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This was a unique case, Unlike a typical data breach, Robinhood's networks were never accessed by hackers. Instead, the hackers took advantage of lax data security to access and takeover several thousand customer accounts.

 

At EKO, we don't do cases because they're easy. We do cases because they're hard. (And because we're that good).