$2M Robinhood Order Flow Class Action Settlement
By Steve Levine
Published: January 25, 2026
Settlement Amount: $2,000,000
Claim Form Deadline: July 13, 2026
What is the Robinhood Class Action About?
You may be part of a new proposed class action settlement involving Robinhood over allegations that certain customers received worse trade execution prices because of how orders were routed and executed.In plain English, the case focuses on market orders for stocks that executed at a worse price than the National Best Bid or Offer (often called the NBBO) at the time the order was routed.
Robinhood denies wrongdoing, and the Court has not decided who is right, but Robinhood has agreed to pay the $2 million open class action settlement fund to resolve the claims.
What is the Total Settlement Amount?
The class action settlement creates a $2,000,000 settlement fund. Payments come from what remains after Court approved deductions such as settlement administration, taxes, and approved litigation expenses.How Do I Qualify For a Payout?
You may qualify if you were a U.S. Robinhood customer and, from September 1, 2016 through September 1, 2018, you placed one or more qualifying trades and your total qualifying difference exceeded $5.00.Qualifying trades are specific types of market equity orders, not stop orders:
• Market buy orders routed during market hours that executed at a price higher than the National Best Offer at the time the order was routed.
• Market sell orders routed during market hours that executed at a price lower than the National Best Bid at the time the order was routed.
The settlement class definition is technical on purpose, so if you are unsure, the easiest path is to check whether you received a notice and then use your Class Member ID on the claim form.
How Much Can I Get Paid?
Payments are pro rata, meaning your payment depends on how your calculated damages compare to everyone else’s allowed claims.The notice estimates an average payment of about $17.60, but that is only an estimate. Your payment can be higher or lower depending on the number of valid claims and Court approved deductions.
How Do I File a Claim?
There are two main scenarios:• If you have an active Robinhood account in good standing, you generally do not need to file a claim because your payment is expected to be applied automatically as a credit to your Robinhood account. You can still file a claim if you want the payment sent to another financial institution via ACH.
• If you do not have an active Robinhood account in good standing, filing a claim is the only way to receive a payment.
You can file online through the official claim portal, or you can mail in a paper Proof of Claim form.
What is the Claim Form Deadline?
The deadline to submit a claim is the later of:• July 13, 2026
• 60 days after the Court enters a Final Approval Order
What are the Important Dates?
• Exclusion (opt out) deadline: March 30, 2026• Objection deadline: March 30, 2026
• Final approval hearing: May 5, 2026 at 2:00 p.m. PT
• Claim deadline: July 13, 2026 (or the later rule tied to Final Approval)
When is the class action settlement payment date?
If the Court approves the settlement and any appeals are resolved, payments are expected about 30 days after the settlement becomes final.If you have an active Robinhood account in good standing and do not elect ACH, your payment is expected to be applied as a credit to your Robinhood account.
If you do not have an active account in good standing, the notice says payment will be sent by direct deposit to the financial institution you choose.
Is Proof Required to File a Claim?
The notice references “supporting documentation” for claims, but it does not list specific proof requirements in the excerpt above.In many trading related settlements, the administrator can verify eligibility using brokerage records. The claim form is still important because it connects the eligible class member to the payment method, and it includes certification language.
If you are filing by paper, follow the Proof of Claim instructions closely and include whatever the form requests.
How do I get a Claim ID to file a claim?
The online claim form requires a Class Member ID.• If you received a notice by email or mail, your Class Member ID is typically printed on it.
• If you did not receive a notice or cannot find your ID, contact the Settlement Administrator and ask for help retrieving your Class Member ID.
What are my Options?
• Do nothing. If you are eligible and have an active Robinhood account in good standing, you are expected to receive an automatic credit. If you do not have an active account and do nothing, you will not get paid.• Submit a claim. This is required if you do not have an active Robinhood account in good standing, and it is optional if you want ACH to a different financial institution.
• Opt out by March 30, 2026. You get no payment, but you keep the right to sue about the released claims.
• Object by March 30, 2026. You stay in the class, but tell the Court why you disagree with the settlement.
Case Overview
The case is titled In re Robinhood Order Flow Litigation, pending in the U.S. District Court for the Northern District of California (Oakland Division).Plaintiffs alleged Robinhood made misrepresentations related to payment for order flow and that those arrangements resulted in inferior price improvement for certain trades.
Robinhood denies the allegations. The settlement is a proposed resolution and still requires Court approval.
How Do I Find Class Action Settlements?
Find all the latest class actions you can qualify for by getting notified of new lawsuits as soon as they are open to claims:Claim Form Website: Settlement Site
Submit Claim
Sources
• Official Settlement Website: www.RobinhoodOrderFlowSettlement.com• Court Documents Page: www.RobinhoodOrderFlowSettlement.com/documents
• U.S. District Court, N.D. Cal., In re Robinhood Order Flow Litigation, Case No. 4:20-cv-09328-YGR
Filing Class Action Settlement Claims
Please submit only truthful information. False claims can be rejected and may carry penalties. If you are unsure whether you qualify, review the official notice or contact the administrator. OpenClassActions.com is a consumer news site and is not a settlement administrator or a law firm.
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Submit Claim| Class Action Summary | |
| Status | Proposed Settlement |
|---|---|
| Claim Form Deadline | The later of July 13, 2026, or 60 days after a Final Approval Order |
| Settlement Amount | $2,000,000 |
| Category | Securities, trade execution, payment for order flow |
| Estimated Payout per Person | Pro rata. Notice estimates an average of about $17.60 |
| Case Number | 4:20-cv-09328-YGR |
| Case Title | In re Robinhood Order Flow Litigation |
| Court | U.S. District Court, Northern District of California |
| Final Approval Hearing | May 5, 2026 |
| Claim Website | Robinhood OrderFlow Settlement |
| Administrator | Kroll Settlement Administration |