Robinhood has been hit with a wrongful death lawsuit by an Illinois couple whose 20-year-old son took his own life last year after suffering what he believed to be a massive loss on the stock-trading app.
According to court documents filed Monday, Alex Kearns died by suicide last June shortly after Robinhood allegedly led him to believe he owed $730,000 after making some stock trades.
Dan and Dorothy Kearns of Naperville, Illinois, accused Robinhood of using “aggressive tactics and strategy to lure inexperienced and unsophisticated investors” like their son, a University of Nebraska student, “to take big risks with the lure …
Source: Business – News, Opinion and Analysis
