Amended Complaints Take on Robinhood and Others in Short Squeeze Multi-District Litigation
17 hours ago
On Tuesday, retail investors filed two consolidated class action complaints against Robinhood, its affiliates, and a host of financial firms following the January 28 shut down of Robinhood’s stock platform amidst a short squeeze.
The Southern District of Florida multidistrict litigation is a collection of several dozen cases, like one filed just after the well-publicized outage. User lockouts last year caused the Financial Industry Regulatory Authority to levy its highest fine ever against the popular trading platform.
One of the cases, proceeding before Southern District of Florida Chief Judge Cecilia M. Altonaga has several “tranches.” One is based on Robinhood and other financial food chain players’ purportedly tortious acts like negligence and gross negligence.
A litigation loan provider has urged a Florida federal court to drop a law firm's claim that the financier unlawfully sought to interfere with a business deal between the attorneys and their clients in a long-standing qui tam suit against MetLife Inc. as the related loan went into default.
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April 29, 2021 The 11th Circuit on Thursday affirmed summary judgment for the defendants in a case filed by an individual against Ethicon Inc. over an allegedly faulty mesh pelvic implant, declining to create an exception to state doctrine that says medical device manufacturers must only warn physicians, not patients, of possible adverse effects.
Charlotte Salinero and her husband originally sued Ethicon and its parent company, Johnson & Johnson, in the Southern District of Florida after Salinero experienced adverse health effects purportedly resulting from a surgery implanting Ethicon’s Artisyn Y-Mesh device. The defendants moved for summary judgment and won because of the learned intermediary doctrine governing communication between medical device makers and physicians.
By DJ 3 1/3
Feb 11, 2021
Personal injury attorneys The Ferraro Law Firm, P.A. along with attorneys Jeffrey Kwatinetz and Sean Burstyn, alleges Wall Street trading app Robinhood acted in bad faith, violated securities law statutes, and “manipulated” its users by preventing them from buying shares in GameStop.
The suit also names hedge funds Citadel, which is owned by Miami resident Ken Griffin and the Connecticut-based Point72, and it accuses them of engaging in a conspiracy with Robinhood to protect a third hedge fund, Melvin Capital, which bet against GameStop.
The suit, seeks unspecified damages and a jury trial on behalf of multiple plaintiffs, but Robinhood and Citadel did not comment.