This video on suing robin hood and winning is brought to you by the programs on building your wealth, i'll link it down below check out that coupon code. That expires on my birthday coming up soon. Oh, my gosh folks, robin hood, just lost 29 460 and filing fees coming out of the gamestop gme crisis. Take a look at this folks, an individual okay.

This is not the sec. This is not the class action lawsuit. An individual just won against robin hood. We're going to talk about this, but just quick recap remember that robin hood stopped the ability for people to buy shares and things like costs, gme express amc amongst other momentum-based stocks, even like blackberry, robinhood, simply threw up their hands and said: hey! Look! If you want to sell shares, you can, but we are stopping the momentum movement of january 2020, which happened on my birthday last year january 20.

Well, 2021 january 28, 2021, complete crisis spent my whole birthday dealing with the robin hood nightmare uh and folks. Oh, my goodness. The class action lawsuit got thrown out all the people in the class action lawsuit lost uh, so robin hood was found essentially not to have done anything inappropriate, which was an eye roller. The sec uh didn't really find anything that robin hood did wrong, but all of a sudden in this finra arbitration, robin hood lost - and this is leading a lot of folks to wonder, wait a minute.

Can i make a claim too, and in this video i'll show you how you too could make a claim? Uh, okay, folks, take a look at this. This is a finra dispute resolution, service, award, uh, claim or or a statement. It is worth noting that arbitrations are confidential, so we do not get the actual details or merits of the case. However, if you believe you have been defrauded by a broker, you can file a finra arbitration, claim, request or or complaint through finra.org.

This, for example, shows you the arbitration process here. If you go to finra.org, you can file a claim. I think the filing fees are about 150 dollars, uh there uh in cases i believe under fifty thousand dollars. There is no in-person hearing requirement.

You simply submit your statements of fact on each side: uh there is a discovery exchange of documents in preparation for the hearing a hearing is held and a determination is made in this determination. Folks, we know that uh, the parties uh jose batista a trucker out of new york versus robin hood, with a claim filed on may 7th for what happened. Uh related to trades right here, including, but not limited, to costs and express on january 28, 2021 uh and uh and we're all related to what we just talked about. The cause of action relates to respondent, robin hood.

Placing trade restrictions on numerous stocks, including, but not limited to costs and express so in other words, could potentially also include gamestop and amc. That was the statement of claim that robin hood breached its contract breached. It implied covenant with good faith and fair dealing. Negligence breached its fiduciary duty, unjustly enriched itself, uh concealed potential information between it and, let's say citadel or other market makers or or even just mechanics as to what was actually going on intentional interference with the prospect of economic advantage and negligent interference with the prospect of Economic advantage, that was the the claim against robin hood and while the uh uh, the award does not provide any kind of insight into what the arbiter uh concluded in terms of how much of this was actually correct.

We do know that take a look at this here award respondent, robin hood, financial, uh and robin hood. Securities are jointly and severally is severally liable and shall pay to claim it. The sum of twenty nine thousand four hundred and sixty dollars in compensatory damages. So this is not like punitive: it's not that they're being punished.

This is just dude you f'ed up. This arbiter has decided robin hood cost. This person at least four 29 sixty dollars, plus filing fees and robinhood, is being required to return those filing fees to the claimant as well, and so this is leading a lot of folks to wonder. Wait a minute.

Should i file as well uh it's important to know that when it comes to arbitration, arbitrations are very, very different from the judicial system. They're dispute resolution service, they're, they're, deemed to be quicker and more efficient than than the legal system uh, but because of that, their sometimes their results can be a little more all over the place. They do not establish legal precedent, so you're not going to be able to walk into an arbitration and go hey. This other person awarded 29 000 where's my award uh.

I want to file a claim against robin hood as well. You're not going to be able to use this as a legal precedent. You could try, but i mean it probably doesn't hurt to mention it uh you never know. Maybe there's a subconscious.

You could pull off in terms of legal precedent, but uh arbitrations do not create legal precedent, uh and uh. The arbitration process is actually relatively simple costs about 150 bucks. Again you can just google finra arbitration process and you'll get it here. You could read the overview of mediation, arbitration and all this but uh folks.

This is this is a big win for the retail community. Here, one person winning twenty nine thousand four hundred sixty dollars here is uh, is is uh substantial here and is probably going to open the floodgates for claims like this again. This all relates back to the trades that occurred on january 28th. Robin hood is as uh.

I, i think, really felt mostly unscathed by a lot of this there. There have been claims related to prior issues with robin hood outages, where robin hood has had to reimburse individuals hundreds to potentially thousands of dollars, but we haven't seen something as large as this. With a twenty nine thousand four hundred sixty dollar uh award uh to someone. So i think this is big.

It's worth, noting that you have a few different options in terms of what you can do. There's arbitration mediation and filing a complaint, arbitration and mediation are a way of you actually resolving a dispute. This is different from filing a complaint. If filing a complaint, it means you're alleging some kind of fraud or something just wrong happening at the the brokerage that you want to make finra aware of like if uh, if a company is being suspicious uh and that you were not potentially directly affected.

But that you're trying to make finra aware of some shadiness. That would be an investor complaint you could check that out, but if you think you were financially harmed, i believe - and this is by no means legal advice, but i believe the proper way is dispute resolution via finra arbitration mediation. There are two ways that you can resolve: disputes between a broker and you in an inexpensive way, uh and to be considered. The resulting claim must have taken place in the last six years and they do make it clear that if you want to recover damages such as money or securities filing an arbitration or mediation case offers you a way to seek damages.

Importantly, investors can file an investor complaint and file for arbitration that you are not limited to one option or the other and again arbitration, usually faster, cheaper, less complex than full-on litigation. I think, honestly, a lot of people can probably put this together without uh, actually using uh a an attorney, although i always recommend people speak with an attorney. If you want to see where the case is just so, you could kind of see this award, you could go to finra case. Look up.

You can type that in finra case lookup, and once you get into the case search here. Arbitration awards online. You click this little box here and you could honestly just throw in robin hood and it should come up, but if not, you can pull it by case number. We should see it here sorted there.

You go it's the first thing that comes up here and you can see this award here. Robinhood financial awarded january 6th. It took a while for for this to really uh hit the news, but uh. It's really just been popularized within the last 12 hours here.

Here's another one though it looks like a nathan eric and eric versus robin hood here december 28th was clay was closed out. Let's see here, relief requested what happened on this one award uh see in this case, claimants claims are denied in their entirety, and the claims here were violations of unfair competition laws. Consumer legal remedies act, fraudulent misrepresentation. This cause of action relates to game.

Stop look at that, so this is probably a similar kind of setup and in this case this individual lost so you're, not necessarily uh. I mean look at that. We've only had two here recently in the last month: here's one from august. Let's look at what this summary is about case summary fiduciary duty having to do with gamestop release, requested compensation of thirteen hundred forty dollars and the award claiming is denied in their entirety.

So it looks like uh, it's it's pretty hit or miss here. We've got two denies in a row, but a 29 000 win over here it does look like this claim was a lot more detailed than than some of the other ones. Remember some of the the claims that were made here in the statement a lot more detail than what we just saw on those two that lost. But again we don't get the original claims so anyway, crazy world out there stay safe.

If you have this video helpful, consider sharing this video and folks we'll see in the next one thanks so much.