Indiana is joining a multi-state settlement and will get a $200,000 share of the $10.2 million settlement that the Robinhood investment app has agreed to pay in penalties for the technical failures that have harmed retail investors.
According to Local News Digital, it has been announced by the Indiana Securities Division that the state has joined a whopping $10.2 million multi-state settlement with Robinhood Financial LLC. The financial company has agreed to pay such a settlement since many of the Main Street investors were affected by the technical and operational issues of the said investment app.Â
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There have been investigated operational failures with Robinhood after the outages in March 2020, a time when a lot of investors were relying on the Robinhood app, wherein it has limited hundreds of investors’ capability to make trades, in Alabama, New Jersey, South Dakota, Colorado, California, Delaware, and Texas’ state security regulators.
The investigation led by the outages in March 2020 discovered Robinhood to have poor monitoring and reporting as well as inadequate customer service and margin account options that left Robinhood investors mad since they were unable to trade as certain stocks were dropping, according to NWI Times. Â
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