Business • Markets
2021-02-10T06:00:02+00:00

Family of suicide victim sues trading platform Robinhood

Following the suicide of a young user of the app Robinhood, the victim's family has sued the US financial services provider. Robinhood used "aggressive tactics and strategies" to attract young inexperienced investors to "take large risks for the allure of tempting profits," according to the lawsuit filed Monday in Santa Clara, California. Twenty-year-old Alex K. took his own life last June.

While still in high school, K. had opened an account on the retail investor app Robinhood and later traded and speculated in financial products and options. He had no experience with this, his parents later said. One day, he found his account with the app in the red - it was more than $730,000 negative. According to the lawsuit filed by his parents and sister, he didn't owe the company that money but was too inexperienced to understand the notice.

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