Robinhood Financial LLC (also Robinhood Securities and Robinhood Markets, Inc.)
Robinhood Order Flow Settlement: Do You Qualify for a Payout?
Robinhood customers whose equity trades between September 1, 2016 and September 1, 2018 allegedly executed at prices worse than the national best bid or offer may be eligible for a payment from a proposed $2,000,000 settlement.
Key facts
- Claim deadline
- Jul 13, 2026
- Potential payment
- Est. $17.60
- Proof listed
- No proof requirement listed
- Status
- Closed
- Final hearing
- May 5, 2026
- Settlement fund
- $2,000,000
The estimated payment of about $17.60 represents an average projection only; each authorized claimant’s payment will be a pro rata share of the net settlement fund (after taxes, administration costs, litigation expenses, and any service award) based on that person’s calculated trading damages, so the actual amount may be higher or lower than $17.60 depending on the number and size of valid claims.
Plain-language overview
Who may qualify?
Eligibility depends on the dates, products, locations, and other terms listed for this claim. Review any criteria below and the official terms before deciding whether it may apply to you.
- You had a brokerage account with Robinhood Financial LLC, Robinhood Securities, LLC, or Robinhood Markets, Inc. at some point between September 1, 2016 and September 1, 2018.
- Between September 1, 2016 and September 1, 2018, you placed at least one market order (not a stop order) to buy or sell equities through Robinhood during market hours.
- At least one of your qualifying Robinhood market orders to buy equities during that period was executed at a price higher than the National Best Offer at the time the order was routed and/or at least one of your qualifying market orders to sell equities was executed at a price lower than the National Best Bid at the time the order was routed.
- When you add together the differences between the execution prices of your qualifying trades and the National Best Bid or Offer at the time those orders were routed, the total is greater than $5.00.
Case overview
What this settlement is about
A proposed class action claims Robinhood misrepresented the payment for order flow it received and routed certain customer equity orders in a way that gave them worse 'price improvement,' allegedly causing some trades made between September 1, 2016 and September 1, 2018 to execute at prices worse than the National Best Bid or Offer, with more than $5 in aggregate harm alleged per affected customer. Robinhood denies any wrongdoing, but the parties have reached a proposed $2,000,000 settlement that has received preliminary court approval. A final fairness hearing is scheduled for May 5, 2026. Class members who still have active Robinhood accounts in good standing don't need to do anything — they'll be paid automatically. Those without an active account, or who want their payment sent via ACH to a different bank, must file a claim form using the unique class member ID included in their mailed or emailed settlement notice; that ID is the only proof required, and no trade statements or other supporting documents are needed.
