Robinhood beats investors’ appeal in GameStop meme stock case

A United States federal appeals court has actually upheld a decision to dismiss an investor class action claim against online brokerage firm Robinhood Markets over its meme stock trading ordeal in early 2021. This is due to the fact that Robinhood was, and still is legally permitted to restrict its clients ability to trade securities and to decline to accept any of their transactions, Judge Grant added.The U.S. Appellate Courts concluding remarks, verifying the lower courts choice to dismiss the plaintiffs case.If the investors decide to pursue the matter further, their last and next route will be through the U.S. Supreme Court– the highest court in the U.S. However, they will need to file a petition for a “writ of certiorari,” which is a document asking the Supreme Court to review the case. The Supreme Court takes on about 100-150 cases from over 7,000 evaluations, so the complainants chances of having its case heard when more are likely slim.Related: Robinhood turns lucrative in Q2, however crypto profits decreases The GameStop short capture occurred in January 2021, which was initially set off by users of the/ wallstreetbets subreddit.

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