ChainCatcher news, a U.S. federal judge approved a $9 million settlement in a class action lawsuit against cryptocurrency and stock trading platform Robinhood.

Robinhood Financial LLC was ordered to pay $9 million to settle a lawsuit about its "Refer a Friend" program, which allows users to generate and send text messages to their mobile contacts through the trading application to invite them to join the platform.

According to the 2021 lawsuit, this action violated Washington State's Commercial Email Act and Consumer Protection Act.