Robinhood Order Flow Class Action Settlement
U.S. Robinhood customers who placed qualifying equity trades between September 1, 2016, and September 1, 2018.
Who’s Eligible
You may be eligible for the Robinhood settlement if you:
- Were a United States customer of Robinhood Financial LLC, Robinhood Securities, LLC, and/or Robinhood Markets, Inc.
- Placed one or more qualifying market orders to purchase equities (excluding stop orders) between September 1, 2016, and September 1, 2018, that were routed during market hours and executed at a price higher than the National Best Offer at the time the order was routed; and/or placed one or more qualifying market orders to sell equities (excluding stop orders) that were routed during market hours and executed at a price lower than the National Best Bid at the time the order was routed.
- Had an aggregate difference between your execution price and the National Best Bid/Offer — counting only qualifying trades — greater than $5.00.
Eligible States
Quick Eligibility Check
Claim Deadline
What You Need to Do to Get Paid
To get paid from the Robinhood settlement:
If you have an active Robinhood account in good standing, no claim is required. Your pro rata share will be automatically credited to your Robinhood account after final approval. You only need to file a claim if you want your payment sent to a different financial institution via ACH transfer, or if your Robinhood account is closed.
Claim Online
- Visit the official settlement claim site.
- Complete the online claim form with your personal and account information.
- Submit your claim by July 13, 2026 (or 60 days after entry of a final approval order, whichever is later).
Claim by Mail
- Download and print the Proof of Claim form from the settlement website.
- Fill out all required fields, attach any requested documentation, and sign the form.
- Mail your completed form to Kroll Settlement Administration LLC so it is postmarked by July 13, 2026 (or 60 days after entry of a final approval order, whichever is later).
Settlement Class Members with active Robinhood accounts in good standing automatically receive pro rata share without filing claim. Those without active accounts or who wish to receive payment via ACH transfer to different financial institution must submit Proof of Claim.
Settlement Payout
Robinhood settlement payments are estimated at an average of $17.60 per person, based on plaintiff’s estimates. Each authorized claimant receives a pro rata share of the net settlement fund proportional to their calculated damages — approximately 16.5% of those damages. Actual payments may be higher or lower depending on the total number of valid claims submitted.
For class members with an active Robinhood account in good standing, payment will be automatically credited to that account after final court approval. Those who prefer payment to a different bank can submit a claim to receive their distribution via ACH transfer. Class members without an active Robinhood account must submit a claim to receive payment by direct deposit. Payments are issued 30 days after the settlement receives final approval and any appeals are resolved.
- Attorneys’ Fees: not to exceed $920,000
- Lead Plaintiff Service Award: not to exceed $10,000
Background of the Lawsuit
Lead Plaintiff Ji Kwon filed suit against Robinhood Financial LLC, Robinhood Securities, LLC, and Robinhood Markets, Inc., alleging the company made misrepresentations about its receipt of “Payment for Order Flow” from entities to which it routed customer orders. The lawsuit claimed those payment arrangements led to inferior “Price Improvement” on trades, meaning customers bought stocks at prices above the National Best Offer or sold at prices below the National Best Bid. The case alleged violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and was filed in the U.S. District Court for the Northern District of California.
Before settlement, the parties went through years of contested motion practice, including multiple motions to dismiss, motions to deny class certification, a motion for judgment on the pleadings, and multiple class certification motions. Ji Kwon was appointed Lead Plaintiff in April 2021.
Robinhood denies all allegations. The company specifically denies making any misrepresentations, breaching its duty of best execution, or violating any law. Both sides agreed to settle to avoid the uncertainty and cost of continued litigation. The $2 million settlement does not constitute any admission of wrongdoing by Robinhood. For more information, visit the official settlement website.
Frequently Asked Questions
Who is eligible for the Robinhood Order Flow Settlement?
How much will I receive from the Robinhood Order Flow Settlement?
Do I need to file a claim to get paid from the Robinhood Order Flow Settlement?
What is the deadline to file a claim in the Robinhood Order Flow Settlement?
What was the Robinhood Order Flow lawsuit about?
When will the Robinhood Order Flow Settlement payments be sent out?
How will I receive my Robinhood Order Flow Settlement payment?
Can I opt out of the Robinhood Order Flow Settlement?
Settlement Administrator
In re Robinhood Order Flow Litigation
c/o Kroll Settlement Administration LLC
PO Box 5324
New York, NY 10150-5324
Case Details
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Disclaimer
The information on this website is free to access and provided for general educational and informational purposes only. It is not legal advice. We summarise settlement information from official notices, court documents, settlement websites, administrators, and other primary sources where available.
Settlement details and deadlines may change. Always refer to the official settlement website or consult a licensed attorney for advice specific to your situation.
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