Robinhood Markets on Thursday defeated an appeal by investors over the stock trading platform's decision to restrict purchases of 13 "meme stocks" during a January 2021 frenzy that squeezed hedge funds.
Other holders of the stocks also said they were harmed, because the restrictions eventually caused prices of their stocks to fall. "When Robinhood restricted its customers' ability to buy meme stocks, it took a sizable - and perhaps justifiable - hit in the court of public opinion," Circuit Judge Britt Grant wrote. "But in this court, Robinhood is only accountable for specific legal duties."
Thursday's decision upheld a November 2021 ruling by Chief Judge Cecilia Altonaga of the Miami federal court.
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