Robinhood Order Flow $2M Class Action Settlement: Who Qualifies and How to Claim
Robinhood Order Flow Class Action Settlement
Robinhood agreed to a $2 million settlement over allegations that it misrepresented its receipt of Payment for Order Flow and that those routing arrangements caused certain customers to receive worse execution prices than the National Best Bid or Offer. United States Robinhood customers who placed qualifying market orders between September 1, 2016 and September 1, 2018 with an aggregate price difference greater than $5.00 are eligible. Plaintiff estimates an average payment of $17.60 per Class Member, distributed pro rata.
Settlement fund
$2M
Common fund
Top payout
~$17.60 avg
Pro rata share of the $2M fund
Claim deadline
Jul 13, 2026
67 days remaining
You may be owed money
Filing is free and takes a few minutes. Deadline: Jul 13, 2026.
Do you qualify?
You are a Class Member if ALL of the following apply:
- You were a United States customer of Robinhood Financial LLC, Robinhood Securities, LLC, and/or Robinhood Markets, Inc. between September 1, 2016 and September 1, 2018.
- During that period you placed one or more qualifying market orders to buy or sell equities (stop orders excluded) that were routed during market hours and executed at a price worse than the National Best Bid or Offer at the time the order was routed.
- The aggregate difference between your execution price and the National Best Bid or Offer, counting only qualifying trades, was greater than $5.00.
- If you have an active Robinhood account in good standing, your pro rata share is applied automatically. If you do not, or if you want your payment sent to a different bank account by ACH, you must submit a Claim Form by July 13, 2026 (or 60 days after entry of the final approval order, whichever is later).
- Excluded: Robinhood and its officers, directors, agents, and affiliates; Robinhood's past and present employees; and the judge presiding over the case.
Not sure if you qualify? Call the Settlement Administrator at 1-833-754-8881, or visit RobinhoodOrderFlowSettlement.com.
What happened
Lead Plaintiff Ji Kwon alleged that Robinhood Financial LLC, Robinhood Securities, LLC, and Robinhood Markets, Inc. made misrepresentations about their receipt of Payment for Order Flow from market makers and other entities to which Robinhood routed customer equity orders. The lawsuit alleged that those routing and payment arrangements resulted in inferior Price Improvement on certain market orders, in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The class period runs from September 1, 2016 through September 1, 2018.
Robinhood denies the allegations and denies any wrongdoing or liability. The parties agreed to settle to avoid the cost, risk, and time of continued litigation. The Court has not decided whether Plaintiff or Defendants would have prevailed at trial. Notably, Lead Counsel is not seeking attorneys' fees in this case and is requesting only reimbursement of litigation expenses, capped at $920,000.
How to file a claim
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1
Confirm you are eligible
You must have been a U.S. Robinhood customer who, between September 1, 2016 and September 1, 2018, placed at least one qualifying market order with worse execution than the National Best Bid or Offer, and whose aggregate qualifying-trade price difference was greater than $5.00.
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2
Choose how you receive your payment
If you still have an active Robinhood account in good standing, your pro rata share is automatically credited to that account, no action required. If you do not have an active Robinhood account, or you want the payment ACH-deposited to a different financial institution, you must submit a Claim Form. Plaintiff estimates an average recovery of approximately $17.60 per Class Member, equal to roughly 16.5% of calculated damages, allocated pro rata.
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3
File online or by mail
Submit the Claim Form online at RobinhoodOrderFlowSettlement.com/Claim by the later of July 13, 2026 or 60 days after entry of the final approval order, or mail a paper Proof of Claim (postmarked by that same deadline) to: In re Robinhood Order Flow Litigation, c/o Kroll Settlement Administration LLC, PO Box 5324, New York, NY 10150-5324. The Settlement Agreement, Notice, and FAQ are available at RobinhoodOrderFlowSettlement.com.
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4
Receive your payment
Authorized Claimants will receive payment 30 days after final approval and the resolution of any appeals. The Fairness Hearing was held on May 5, 2026 before Judge Yvonne Gonzalez Rogers. The appeal process can take a year or more. No follow-up is required once your claim is submitted.
Key dates
- Mar 30, 2026 Opt-out & objection deadline Upcoming
- Jul 13, 2026 Claim filing deadline Upcoming
- May 5, 2026 Final Fairness Hearing (2:00 p.m. PT, in person) Upcoming
- TBD after final approval Payments issued to claimants Pending
The Fairness Hearing was held on May 5, 2026 at 2:00 p.m. PT before the Honorable Yvonne Gonzalez Rogers in Courtroom 1, 4th Floor, Ronald V. Dellums Federal Building & United States Courthouse, 1301 Clay Street, Oakland, CA 94612. Check RobinhoodOrderFlowSettlement.com for the final approval order and any updates to the claim deadline.
Where the money is going
This is a non-reversionary common fund. Litigation expenses, the service award to the Lead Plaintiff, and notice and administration costs come out of the $2 million before pro rata payments are calculated for Class Members. Lead Counsel is not requesting attorneys' fees in this case.
All amounts above are pending and subject to final court approval. Plaintiff estimates the average per-claimant recovery at approximately $17.60, equal to roughly 16.5% of calculated damages, allocated pro rata. Actual payments will depend on final court awards, the number of Authorized Claimants, and individual qualifying-trade calculations.
Common questions
How much money will I receive?
Plaintiff estimates an average recovery of approximately $17.60 per Class Member, which represents roughly 16.5% of each Authorized Claimant's calculated damages, distributed pro rata. Your actual recovery depends on the size and price-difference of your qualifying market orders during the September 1, 2016 to September 1, 2018 class period and on the total number of valid claims. There is no fixed per-trade amount and no household cap.
Do I need to submit proof of purchase?
Class Members with an active Robinhood account in good standing do not need to submit anything; Robinhood's records will be used to calculate and credit your pro rata share automatically. Class Members without an active Robinhood account must submit a Proof of Claim by mail or online and provide the supporting information requested on the form so the Administrator can identify the qualifying trades.
What if I didn’t receive a notice?
Yes. You can still submit a Proof of Claim if you did not receive a direct notice. Notice was distributed by email and mail to known Class Members using Robinhood's records, and posted on the settlement website. If you believe you were a U.S. Robinhood customer with qualifying trades during the class period, you can file a claim or contact the Settlement Administrator toll-free at 1-833-754-8881, or visit RobinhoodOrderFlowSettlement.com for help.
Does staying in the class affect my right to sue later?
Yes. Unless you opted out by mailing a written exclusion request postmarked by March 30, 2026, you will be bound by the Settlement and you will release the legal claims at issue in this lawsuit against Robinhood and the other Released Defendants' Parties. The opt-out window has closed, so the only remaining options are to submit a claim or do nothing. The full release language is in Sections 1.26 to 1.28 and 3.1 to 3.2 of the Stipulation, available at RobinhoodOrderFlowSettlement.com.
When will payments be sent out?
The Fairness Hearing was held on May 5, 2026. If the Court grants final approval, payments will be issued 30 days after final approval and the resolution of any appeals. The appeal process can take a year or more. Class Members with an active Robinhood account will see the payment credited to their account; Class Members without one will receive an ACH transfer to the financial institution they list on the Claim Form. No action is required after a valid Claim Form is submitted, just check RobinhoodOrderFlowSettlement.com for updates.
Dapeer Law, P.A.
Consumer class action attorneys based in South Florida. We track settlements so you don’t have to.
Similar open settlements
This page is for informational purposes only and does not constitute legal advice. Dapeer Law, P.A. is not the administrator of this settlement and is not affiliated with Robinhood Financial LLC, Robinhood Securities, LLC, and Robinhood Markets, Inc., Kroll Settlement Administration LLC (the Settlement Administrator), or Class Counsel Tina Wolfson of Ahdoot & Wolfson, PC, L. Timothy Fisher of Bursor & Fisher, P.A., and Coulson P.C. of Coulson P.C. The case is In re Robinhood Order Flow Litigation (Lead Plaintiff Ji Kwon), Case No. 4:20-cv-09328-YGR, pending in the U.S. District Court for the Northern District of California, Oakland Division before the Honorable Yvonne Gonzalez Rogers. Class representatives are Ji Kwon. Robinhood denies wrongdoing. This website is attorney advertising. Past results do not guarantee future outcomes.
