Robinhood Data Breach Class Action Settlement, Claim Up to $260!
If you use Robinhood and experienced an account takeover, you may be entitled to compensation. There’s a $20 million fund set up for victims of this data breach. This case is known as Siddharth Mehta, Kevin Qian, and Michael Furtado v. Robinhood Financial, LLC and Robinhood Securities, LLC, Case No.: 5:21-CV-01013-SVK (N.D. Cal.) United States District Court for the Northern District of California.
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How do I file a claim?
Head on over to the website, where you can learn more and file a claim. You can file online with or without a unique ID, and you can also file by mail.
What’s this settlement about?
A lawsuit was filed alleging that Robinhood failed to use adequate security practices in connection with its trading platform, making customer accounts vulnerable to account takeovers. Plaintiffs’ lawsuit alleges that many Robinhood accounts were in fact taken over by unauthorized users.
Many customers who had an account takeover or who notified Robinhood about a possible account takeover did not experience unauthorized transactions or lose any funds. For those who did, Robinhood provided reimbursement upon confirming the claims of unauthorized account activity. Additionally, there is no evidence that unauthorized access to customer accounts was caused by a breach of Robinhood’s computer network.
Plaintiffs allege that customers were nevertheless harmed because they spent time and money responding to the possible unauthorized access incidents.
Who is eligible for a refund?
…a potential unauthorized access incident to your Robinhood account between January 1, 2020, and April 27, 2022, that either (i) you reported to Robinhood, or (ii) Robinhood reported to you.
Their website is to inform you about the lawsuit, the proposed Settlement, and your legal rights.
Is a receipt required?
No documentation is required for two of the three options. While no “receipt” is required, claimants will need to show they have a Robinhood account which was affected.
How much will I get back?
For those Class Members who submit a valid claim, the Settlement provides:
- up to $100 for out-of-pocket expenses resulting from unauthorized access, [no documentation required]
- up to $100 in reimbursement for credit monitoring or identity theft protection services that were purchased based on the unauthorized access, [documentation required]
- up to $60 as a payment for time spent responding to the unauthorized access, and three-bureau credit monitoring services for two years. [no documentation required]
What’s the deadline to file a claim?
January 17, 2023
What is a class action lawsuit settlement?
For example, a class action lawsuit is one with multiple plaintiffs. In other words, there are more than one person being represented by the lawsuit. In other words, a plaintiff or plaintiffs file the case on behalf of many people who were affected by aren’t involved in the actual suit. For example, if you purchased an item that was later determined to be involved in a class action lawsuit, you may be entitled to compensation. If you’re included in the class or group of people affected, then you can file a claim to receive money, coupons or replacement products. But, each case is different, and each will specify who is included. In addition, class action lawsuits may require proof that you are part of the group of affected people. In this case, proof of purchase or other specified proof is needed. However, in some cases, no proof is required. In that case, you can file a claim without proving that you are part of the class of people affected. Of course, when you file a claim you are doing so under penalty of perjury. So, do not file if you do not qualify.
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