$2M Robinhood trade execution class action settlement

Robinhood has agreed to a $2 million class action lawsuit settlement to resolve claims it failed to provide “best execution” for trades.

The settlement benefits Robinhood customers who placed one or more market orders to purchase or sell equities (excluding stop orders) that were routed during market hours and executed at a price higher or lower than the National Best Bid/Offer at the time the order was routed between Sept. 1, 2016, and Sept. 1, 2018, and for whom the aggregate difference between execution price and National Best Bid/Offer was greater than $5.

Plaintiffs in the class action lawsuit resolved by this settlement accused Robinhood of failing to provide “best execution” for trades. As a result, customers allegedly paid more for securities than they should have and received less than they should have when selling securities.

Robinhood is a trading platform that allows users to buy and sell stocks, options, ETFs and cryptocurrencies.

Robinhood has not admitted any wrongdoing but agreed to pay $2 million to resolve the trade execution class action lawsuit.

Under the terms of the Robinhood settlement, class members can receive a cash payment. According to the settlement website, each claimant will receive an equal percentage of their total calculated damages. Based on these estimates, class members will receive an average of $17.60.

The deadline for exclusion and objection is March 30, 2026.

The final approval hearing for the Robinhood settlement is scheduled for May 5, 2026.

To receive a settlement payment, class members must submit a valid claim form by July 13, 2026.

Who’s Eligible

All United States customers of Robinhood Financial LLC, Robinhood Securities LLC and/or Robinhood Markets Inc. who, during the settlement class period of Sept. 1, 2016, through Sept. 1, 2018, placed one or more qualifying trades, which means one or more market orders to purchase equities 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 one or more market orders to sell equities that were routed during market hours and executed at a price lower than the national best bid at the time the order was routed, and for whom the aggregate difference between execution price and national best bid/offer was greater than $5.00.

Potential Award

$17.60

Proof of Purchase

Robinhood account number

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

07/13/2026

Case Name

In re: Robinhood Order Flow Litigation, Case No. 4:20-cv-09328-YGR, in the U.S. District Court for the Northern District of California

Final Hearing

05/05/2026

Settlement Website

RobinhoodOrderFlowSettlement.com

Claims Administrator

Kroll Settlement Administration LLC
P.O. Box 5324
New York, NY 10150-5324
[email protected]
833-754-8881

Class Counsel

Robert Ahdoot
Tina Wolfson
Bradley K. King
AHDOOT & WOLFSON P.C.

Scott A. Bursor
Sarah N. Westcot
BURSOR & FISHER P.A.

Nicholas A. Coulson
COULSON P.C.

Defense Counsel

Maeve L. O’Connor
Elliot Greenfield
Brandon Fetzer
DEBEVIOSE & PLIMPTON LLP

Karen P. Kimmey
FARELLA BRAUN + MARTEL LLP