Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021
123456789101112131415161718
19
20
21
22
23
24
25
26
27
28
29
30
31
News Every Day |

Robinhood User Sues Platform After Account Hacked

A California man has sued Robinhood Financial and Robinhood Securities, claiming he lost thousands of dollars after his brokerage account with the firm was breeched, according to a complaint.

Siddharth Mehta, who filed the lawsuit in Superior Court for the state of California, is seeking class-action status in his case against the provider of low-fee brokerage services. Among its offerings, Robinhood lets accountholders buy fractional shares. This lets investors of limited means buy stakes in high-priced equities.

In October, Robinhood reported hackers had obtained some customers' account information. Robinhood has insisted its internal systems weren't compromised and that unauthorized access was due to identity theft.

Reports at the time noted that customers watched as their accounts were drained but couldn't reach anyone at Robinhood.

Mehta's lawyers argue in the suit's introduction: "The explosion of 'FinTech,' digital financial services, and mobile banking has created new pressure points for criminals to exploit. Responsible financial institutions have reacted by implementing better training practices, increasing their security workforces, and increasing invest in new and more secure technologies."

Robinhood, the lawyers state, hasn't kept up.

They wrote: "While the company has narrowly focused on break-neck growth, it has neglected to build out its security infrastructure to adequately protect its customers’ sensitive information."

Mehta's lawyers argue that when Robinhood discovered the attacks, "Rather than freezing the accounts and alerting its customers of the breach right away as required under California law, Robinhood said and did nothing. Only when news outlets reported on the breach did Robinhood acknowledge it had occurred."

Bloomberg, which reported the suit would be filed, stated that Robinhood declined to comment.

Mehta is represented in the matter by the California law firm Erickson Kramer Osborne.





Read also

Tyler Perry To Be Recognized At Upcoming Oscars Ceremony

The F-35 Will Soon Be Dead, Long Live the New Sixth Generation Stealth Fighter

Rep. Raskin says article of impeachment will be delivered to Senate ‘soon’




News, articles, comments, with a minute-by-minute update, now on Today24.pro



Today24.pro — latest news 24/7. You can add your news instantly now — here