A U.S. federal court on Thursday dismissed a lawsuit accusing Robinhood Markets Inc of violating state laws by restricting trades on so-called meme stocks during a January 2021 rally, a move that retail traders allege resulted in billions in losses.
The investors alleged that Robinhood had courted customers with promises of expanding access to the stock market, but was indifferent to known risks tied to increased demand.
In her 66-page opinion, Altonaga wrote that while traders were "gravely disappointed" by the plunge in meme stock prices that occurred after trades were restricted, "the law does not afford relief to every unfulfilled expectation."
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