🚨💸 Attention, crypto enthusiasts! Robinhood is preparing for a real financial debacle! For what ? Find out now!
Robinhood, the platform that promised you rewards for recommending friends, will have to pay a high price: $9 million! 🤯 This colossal amount follows a lawsuit regarding its sponsorship program. A federal judge ordered the penalty due to violations of Washington state's consumer protection laws.
But that's not all ! Robinhood's referral program generated unsolicited messages, violating the Commercial Email Act and consumer rights. In addition to the $9 million to be paid, including $2.2 million for attorneys' fees, this settlement affects approximately 827,327 consumers. Judge Barbara Rothstein found the settlement fair and appropriate in the face of the complexity and costs of the litigation.
👀 And that's not the only bad news for Robinhood. The company received a notice of Wells from the SEC, which could trigger a lawsuit for violating securities laws! At the same time, Robinhood continues its expansion in crypto with plans to offer futures contracts on Bitcoin and Ethereum, while acquiring Pluto Capital Inc. to integrate AI capabilities.
The sponsorship program, which seemed advantageous at the start, could well leave a bitter taste for users and cost the platform dearly. So, get ready for a new wave of news and possible surprises for Robinhood!
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