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(Repeats story first published on Saturday)
Jan 30 (Reuters) - Robinhood Markets Inc’s user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums.
The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users’ activity under a 25-year-old law known as Section 230.
At least a dozen proposed class action lawsuits accuse Robinhood of breaching its contract with customers when it restricted trading on Thursday.
Robinhood’s users were at the center of this week’s wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit’s WallStreetBets.
Analysis: User Pact, Section 230 Likely to Shield Robinhood, Reddit From Lawsuits
Robinhood Markets Inc.’s user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp. that was fueled on social media forums.
The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users’ activity under a 25-year-old law known as Section 230.
At least a dozen proposed class action lawsuits accuse Robinhood of breaching its contract with customers when it restricted trading on Thursday.
Article content
Robinhood Markets Inc’s user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums.
The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users’ activity under a 25-year-old law known as Section 230.
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At least a dozen proposed class action lawsuits accuse Robinhood of breaching its contract with customers when it restricted trading on Thursday.