Traders challenge ruling in favor of Robinhood, Citadel in short squeeze lawsuit
Several traders have filed an appeal from a ruling in favor of Robinhood and Citadel in a lawsuit about the January 2021 short squeeze.
Several traders have filed an appeal from a ruling in favor of Robinhood and Citadel in a lawsuit about the January 2021 short squeeze.
The Court has dismissed for good the antitrust claims against Robinhood and Citadel regarding the January short squeeze.
Robinhood and Citadel Securities claim that traders have tried to manufacture an antitrust conspiracy where none exists.
Traders insist that there was an anticompetitive agreement between Robinhood and Citadel that was related to the January 2021 short squeeze.
Robinhood Markets derived most of its revenues from PFOF, with Citadel Securities accounting for 22% of the total.
Robinhood and Citadel say the traders have alleged no new facts to make their antitrust claim plausible.
Robinhood and Citadel are accused of having hatched an anticompetitive scheme to restrict retail investors’ access to specific stocks.
Robinhood insists that the complaint alleging it was involved in market manipulation in January 2021 should be dismissed.
Traders in Florida sue Robinhood Financial over its payment for order flow arrangements with Citadel, Apex, Wolverine and Virtu.
The Court has found that traders embroiled in the January trading short squeeze have failed to plead conspiracy.