This case was last updated from PACER on 05/10/2021 at 08:16:53 (UTC).

Fox et al v. Ally Financial Inc. et al.

Case Summary

On March 11, 2021, Julie Fox and Preenon Huq (“Plaintiffs”), represented by David A Goodwin of Gustafson Gluek PLLC, on behalf of themselves and all others similarly situated, filed an antitrust class action lawsuit against Ally Financial Inc., Alpaca Securities LLC, Cas App Investing LLC, Square Inc., Dough LLC and others (“Defendants”), seeking injunctive relief, creation of constructive trust and damages with pre and post judgment interests for violations of

Section 1 of the Sherman Act, 15 U.S.C. § 1, Section 16 of the Clayton Act, 15 U.S.C. § 26, state antitrust and consumer protection laws, and the common law. This case was filed in U.S. District Court in the District of Minnesota with Judge David T. Schultz and Judge Susan R. Nelson presiding

 

The Plaintiffs filed this action on behalf of themselves and others including all persons or entities in the United States that directly purchased, or attempted to purchase, securities in GameStop Corp. (GME), AMC Entertainment Holdings Inc. (AMC), American Airlines Group Inc. (AAL), Bed Bath & Beyond Inc. (BBBY), BlackBerry Ltd. (BB), Express, Inc. (EXPR), Koss Corporation (KOSS), Naked Brand Group Ltd. (NAKD), Nokia Corp. (NOK), Sundial Growers Inc. (SNDL), Tootsie Roll Industries, Inc. (TR), or Trivago N.V. (TRVG) (the “Relevant Securities”) from one or more of the Defendants (the “Class”) between January 1, 2021 through and until the anticompetitive effects of Defendants’ unlawful conduct cease (the “Class Period”).

 

In the complaint, Plaintiffs alleged that “the Fund Defendants and other unnamed co-conspirators made short selling investments in the Relevant Securities. By doing this, they made highly speculative bets.” Plaintiffs further alleged that “Defendants and their co-conspirators conspired to prevent the Retail investors from buying further stock in order to mitigate the Fund Defendants’ exposure in their short positions. By forcing the Retail Investors to sell their Relevant Securities at lower prices than they otherwise would have, Defendants artificially reduced the value of the Relevant Securities the Retail Investors either sold or held.”

 

There are four claims for relief laid down by the Plaintiffs. Under the first and second count laid down against all defendants, the Plaintiffs alleged that the Defendants are liable for conspiracy to restrain trade in violation of  Section 1 of Sherman Act, 15 U.S.C. § 1 and for Conspiracy to restrain trade in violation of the Minnesota Antitrust Law Of 1971 Minn. Stat. §§325D.51, et seq. The third count against all brokerage defendants is for breach of implied covenant of good faith,  the fourth count for negligence, negligence per se and constructive fraud.

 

In the prayer for relief the Plaintiff has requested the court to establish the class as claimed and to proceed with this action as class action. The Plaintiff further requested the court to award damages with prejudgment and post judgment interests with costs of litigation. The Plaintiff further requested the court to grant equitable relief as appropriate including injunctive relief, judicial determination, construction of trust etc. in addition to other reliefs as the court may deem just and proper.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    0:21-CV-00689

  • Filing Date:

    03/11/2021

  • Case Status:

    Disposed - Other Disposed

  • Case Type:

    Other - Antitrust

Judge Details

Referral Judge

David T. Schultz

Presiding Judge

Susan Richard Nelson

 

Party Details

Plaintiff

Preenon Huq

Defendants

Square Inc.

Freetrade, LTD.

Trading 212 Ltd.

Citadel Enterprise Americas, LLC

Robinhood Securities, LLC

E*Trade Securities LLC

Stash Financial, Inc.

Robinhood Financial LLC

Fumi Holdings, Inc.

Webull Financial LLC

Ally Financial Inc.

Melvin Capital Management LP

Morgan Stanley Smith Barney LLC

Cash App Investing LLC

TD Ameritrade, Inc.

Interactive Brokers LLC

Dough LLC

Barclays Bank PLC

The Depository Trust & Clearing Corporation

17 More Parties Available

Attorney/Law Firm Details

Plaintiff Attorneys

David A Goodwin

Attorney at Gustafson Gluek PLLC

120 South 6Th Street, Suite 2600

Mpls, MN 55402

Daniel C Hedlund

Attorney at Gustafson Gluek PLLC

120 South 6Th Street, Suite 2600

Mpls, MN 55402

Kaitlyn Leeann Dennis

Attorney at Gustafson Gluek PLLC

120 South 6Th Street, Ste 2600

Minneapolis, MN 55402

Daniel E Gustafson

Attorney at Gustafson Gluek PLLC

120 South 6Th Street, Suite 2600

Mpls, MN 55402

 

Court Documents

#1

1 #1

Civil Cover Sheet

#3

#4

#5

#6

#8

#9

#10

#11

 

Docket Entries

  • 04/16/2021
  • Docket(#13) (Text-Only) CLERK'S NOTICE: Case transferred from Minnesota has been opened in Southern District of Florida as case 1:21-cv-21478, filed 04/16/2021. (kt) (Entered: 04/16/2021)

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  • 04/13/2021
  • Docket(#12) (Text-Only) CLERK'S NOTICE: This case has been transferred/extracted to the Southern District of Florida. (MMP) (Entered: 04/13/2021)

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  • 04/13/2021
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  • Docket(#11) CERTIFIED COPY OF CONDITIONAL TRANSFER ORDER (CTO-1) transferring case to the Southern District of Florida per the MDL Panel for coordinated or consolidated pretrial proceedings. Case assigned to the Honorable Cecilia M. Altonaga.(MMP) (Entered: 04/13/2021)

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  • 03/16/2021
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  • Docket(#10) WAIVER OF SERVICE Returned Executed filed by Preenon Huq, Julie Fox. Robinhood Securities, LLC waiver sent on 3/11/2021, answer due 5/10/2021. (Goodwin, David) (Entered: 03/16/2021)

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  • 03/16/2021
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  • Docket(#9) WAIVER OF SERVICE Returned Executed filed by Preenon Huq, Julie Fox. Robinhood Markets, Inc. waiver sent on 3/11/2021, answer due 5/10/2021. (Goodwin, David) (Entered: 03/16/2021)

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  • 03/16/2021
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  • Docket(#8) WAIVER OF SERVICE Returned Executed filed by Preenon Huq, Julie Fox. Robinhood Financial LLC waiver sent on 3/11/2021, answer due 5/10/2021. (Goodwin, David) (Entered: 03/16/2021)

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  • 03/12/2021
  • Docket(#7) (Text-Only): Notice re: Non-Admitted AttorneyWe have received documents listing Scott D. Hirsch as counsel of record. If he or she wishes to be listed as an attorney of record in this case, he or she must be admitted to the bar of the U.S. District Court of Minnesota in accordance with #Local Rule 83.5 (a), (b) and (c) or temporarily admitted pro hac vice in accordance with #Local Rule 83.5 (d) or (e).For more admissions information and forms, please see the Attorney Forms Section of the courts website at #www.mnd.uscourts.gov/forms/all-forms#. (KNK) (Entered: 03/12/2021)

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  • 03/12/2021
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  • Docket(#6) Summons Issued as to Apex Clearing Corporation, Citadel Securities LLC, Melvin Capital Management LP, Sequoia Capital Operations LLC, The Depository Trust & Clearing Corporation. (KNK) (Entered: 03/12/2021)

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  • 03/12/2021
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  • Docket(#5) Summons Issued as to Barclays Bank PLC, Charles Schwab & Co. Inc., Citadel Enterprise Americas, LLC, FF Trade Republic Growth, LLC, Fumi Holdings, Inc., Stash Financial, Inc., The Charles Schwab Corporation, Trading 212 Ltd., Trading 212 UK Ltd., Webull Financial LLC. (KNK) (Entered: 03/12/2021)

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  • 03/12/2021
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  • Docket(#4) Summons Issued as to Freetrade, LTD., IG Group Holdings PLC, Interactive Brokers LLC, M1 Finance, LLC, Open to the Public Investing, Inc., Robinhood Financial LLC, Robinhood Markets, Inc., Robinhood Securities, LLC, TD Ameritrade, Inc., Tastyworks, Inc.. (KNK) (Entered: 03/12/2021)

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  • 03/12/2021
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  • Docket(#3) Summons Issued as to Ally Financial Inc., Alpaca Securities LLC, Cash App Investing LLC, Dough LLC, ETrade Financial Corporation, ETrade Financial Holdings, LLC, ETrade Securities LLC, Morgan Stanley Smith Barney LLC, Square Inc., eToro USA Securities, Inc.. (KNK) (Entered: 03/12/2021)

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  • 03/12/2021
  • Docket(#2) TEXT ONLY ENTRY: CLERK'S NOTICE OF INITIAL CASE ASSIGNMENT. Case assigned to Judge Susan Richard Nelson per 3rd, 4th - Antitrust, Securities list, referred to Magistrate Judge David T. Schultz. Please use case number 21-cv-689 (SRN/DTS). (KNK) (Entered: 03/12/2021)

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  • 03/11/2021
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  • Docket(#1) COMPLAINT Class Action Complaint against Ally Financial Inc., Alpaca Securities LLC, Apex Clearing Corporation, Barclays Bank PLC, Cash App Investing LLC, Charles Schwab & Co. Inc., Citadel Enterprise Americas, LLC, Citadel Securities LLC, Dough LLC, ETrade Financial Corporation, ETrade Financial Holdings, LLC, ETrade Securities LLC, FF Trade Republic Growth, LLC, Freetrade, LTD., Fumi Holdings, Inc., IG Group Holdings PLC, Interactive Brokers LLC, M1 Finance, LLC, Melvin Capital Management LP, Morgan Stanley Smith Barney LLC, Open to the Public Investing, Inc., Robinhood Financial LLC, Robinhood Markets, Inc., Robinhood Securities, LLC, Sequoia Capital Operations LLC, Square Inc., Stash Financial, Inc., TD Ameritrade, Inc., Tastyworks, Inc., The Charles Schwab Corporation, The Depository Trust & Clearing Corporation, Trading 212 Ltd., Trading 212 UK Ltd., Webull Financial LLC, eToro USA Securities, Inc. (filing fee $ 402, receipt number AMNDC-8590570) filed by Preenon Huq, Julie Fox. Filer requests summons issued. (Attachments: #1 Civil Cover Sheet) (Goodwin, David) (Entered: 03/11/2021)

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