Judge Susan van Keulen of the California Northern District Court has granted a motion for final approval of a settlement between Robinhood and thousands of its clients over data breaches.

The relevant order, seen by FX News Group, was signed on May 16, 2023. It follows the Court’s preliminary approval.

The proposed class settlement totals $500,000 and includes up to $100 per class member for out-of- pocket expenses resulting from unauthorized access to their accounts, up to $100 per class member for reimbursement of money paid for credit monitoring or identity theft protection products or services, and up to $60 per class member for lost time resulting from unauthorized access.

In addition, Defendants Robinhood Financial LLC and Robinhood Securities, LLC will pay for two years of three-bureau credit monitoring for each class member who requests it.

No objections to the settlement have been filed.

Unauthorized users gained access to thousands of Robinhood customers’ accounts beginning in the summer of 2020. Although there was no direct evidence of a breach of Robinhood’s computer networks, and Robinhood denied that any such breach had occurred, Robinhood notified its customers that they should consider setting up additional security measures to protect their accounts.

Nevertheless, millions were stolen from Robinhood customers’ accounts. Plaintiffs claim that Robinhood has not fully reimbursed all customers who suffered losses.

In accordance with the Court’s Preliminary Approval Order, Angeion, the class action settlement administrator, provided notice to the 40,656 class members via email and first class mail (where email could not be delivered) on September 19, 2022.

Angeion received a total of 3,075 valid claims, which are approved to receive $475,362 in settlement awards. Additionally, at least 442 class members have elected to receive the two-year credit monitoring and identity-theft protection services offered under the Settlement Agreement.

The Court found the final proposed settlement fair and reasonable. The Court likewise approved the requested attorneys’ fees as appropriate in light of the lengthy procedural history of this case.