California judge parts with Second Circuit on standing to sue over securities

OAKLAND, Calif. — A California federal judge declined to grant judgment to Robinhood on the pleadings brought by a class of investors. The investment app cited a recent case in the Second Circuit to argue the class lacked standing to sue, but this district court disagrees with the appellate one’s reasoning and finds that because the class representative has pleaded a tangible loss from securities purchased and sold with the Robinhood app, he has standing to sue.