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A 27-year-old truck driver just became Robinhood’s first big headache of 2022. Is this a simple Finra arbitration award or a $30K brick through

 
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01/27/2022 07:43 PM
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A 27-year-old truck driver just became Robinhood’s first big headache of 2022. Is this a simple Finra arbitration award or a $30K brick through
Good quick reading if you are into the market.


Less than a week into the new year, a 27-year-old truck driver from Connecticut might have given Robinhood HOOD, -6.45% a whole new thing to be worried about in 2022.

On January 6, an arbitrator for the Financial Industry Regulatory Authority ruled that the zero-commission trading platform was liable for $29,460.77 in compensatory damages to Jose Batista, a retail investor who filed a complaint with the industry self-regulator in May, alleging that he had suffered significant investment losses due to Robinhood’s decision to restrict trading on certain meme stocks at the height of January 2021’s manic short squeeze.

The judgment is the first of its kind to end with Robinhood paying money to a retail investor stemming from its trading restrictions, and could provide a blueprint for other individual traders hoping to get relief from Robinhood.

For starters, Batista’s case against the $13 billion online broker was narrow and specific, choosing to focus on how the restrictions impacted his shares in headphone maker Koss KOSS, -7.56% and fashion brand Express Inc. EXPR, -1.69%, as opposed to his whole portfolio.

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