Search

Attributes

This case was last updated from PACER on 03/29/2021 at 09:11:43 (UTC).

Hanna Kayali et al v. Robinhood Financial, LLC et al

Case Summary

On January 28, 2021, Hanna Kayali and Mohammed A. Doleh, individually and on behalf of all others similarly situated (collectively, “Plaintiffs”) represented by Heather Lea Blaise and Lana Bajes Nassar of Blaise and Nitschke PC, filed a class action lawsuit against Robinhood Financial, LLC, (along with other Robinhood entities, collectively referred to as “Robinhood.”), Citadel Enterprise Americas, LLC, TD Ameritrade, Inc., The Charles Schwab Corporation, and Melvin Capital Management, LP (collectively, “Defendants”), seeking an order for injunctive relief and punitive damages for alleged intentional and wilful restriction for certain securities. This case was filed in U.S. District Court in the Central District of California with Judges Virginia A. Phillips and Michael R. Wilner presiding.

 

Plaintiffs brought this claim individually and on behalf of all Robinhood and TD Ameritrade customers within the United States. Plaintiffs have alleged that the Defendants have caused an improper coordination in prohibiting the purchase of certain securities to unreasonably restrain trade in the stock market, as well as exclusionary and anticompetitive conduct in prohibiting Plaintiffs from effectuating trades.

 

Plaintiffs also alleged that “in an effort to restrict the free market, Robinhood and TD Ameritrade deprived its individual investor customers of the ability to transact on their platforms for certain securities including NAKD, NOK, and AMC” and that the “Robinhood and TD Ameritrade’s actions were done purposefully and knowingly to manipulate the market for the benefit of hedge funds and institutional investors”.

 

Plaintiffs further alleged that “the Defendants have prohibited and continue to prohibit purchases of shares of the Stocks by Plaintiffs in an unreasonable restraint of trade in the stock market. Despite prohibiting purchases of shares of the Stocks, the Defendants have continued to allow Plaintiffs to sell shares of the Stocks”. It was further alleged by the Plaintiffs that “by prohibiting Plaintiffs from purchasing the Stocks but not from selling the Stocks, Defendants engaged in and continue to engage in exclusionary conduct that is deleterious to consumers and to the anticompetitive benefit of the Defendants. Defendants engaged in and continue to engage in anticompetitive conduct”.

 

There are nine claims for relief laid down by the Plaintiffs. The Plaintiffs have alleged that all  Defendants have engaged in unlawful combination and conspiracy in restraint of trade in violation of Section 1 of the Sherman Act, attempted monopolization of the stock market in violation of Section 2 of the Sherman Act and civil conspiracy in violation of the Illinois Consumer Fraud and Deceptive Practices Act. Further, the Plaintiffs have alleged that Robinhood and TD Ameritrade have engaged in a violation of the Illinois Consumer Fraud and Deceptive Business Practice 815 ILCS 505/1, et seq., breach of contract, breach of the implied covenant of good faith and fair dealing, negligence, breach of fiduciary duty, and an action for Temporary Restraining Order (“TRO”) and preliminary and permanent injunction.

 

In its prayer for relief, the Plaintiffs requested the court for an order to certify the action as a class action and to appoint Plaintiffs and their counsel to represent the Class. The Plaintiffs further requested the Court to determine an award for Plaintiffs and to pass an order for injunctive relief, punitive damages and costs of litigation.

 

This case summary may not reflect the current position of the parties to this litigation or the status of this case. Sign up to view the latest case updates and court documents.

Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    2:21-CV-00835

  • Filing Date:

    01/28/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Other - Antitrust

  • Court:

    U.S. District Courts

  • Courthouse:

    California Central District

Judge Details

Presiding Judge

Virginia A. Phillips

Referral Judge

Michael R. Wilner

 

Party Details

Plaintiffs

Hanna Kayali

Mohammed A. Doleh

Defendants

DOES 1-10

The Charles Schwab Corporation

Robinhood Markets, Inc.

Melvin Capital Management, LP

The Depository Trust Company

Charles Schwab and Co. Inc.

Citadel Enterprise Americas, LLC

Robinhood Financial, LLC

TD Ameritrade, Inc.

The Depository Trust & Clearing Corporation

Robinhood Securities, LLC

Attorney/Law Firm Details

Plaintiff Attorneys

Heather Lea Blaise

Attorney at Blaise and Nitschke PC

123 North Wacker Drive Suite 250

Chicago, IL 60606

Lana Bajes Nassar

Attorney at Blaise and Nitschke PC

123 North Wacker Drive Suire 250

Chicago, IL 60606

Defendant Attorneys

Naeun Rim

Attorney at Bird Marella Boxer Wolpert Nessim Drooks Lincenberg and Rhow

1875 Century Park East 23Rd Floor

Los Angeles, CA 90067-2516

Antony L. Ryan

Attorney at Cravath Swaine and Moore LLP

825 Eighth Avenue

New York, NY 10019

Kevin J. Orsini

Attorney at Cravath Swaine and Moore LLP

825 Eighth Avenue

New York, NY 10019

Grace W. Kang

Attorney at Bird Marella Boxer Wolpert Nessim Drooks Lincenberg and Rhow

1875 Century Park East 23Rd Floor

Los Angeles, CA 90067-2561

 

Court Documents

#38

(#38) NOTICE OF CLERICAL ERROR: Due to clerical error Re: Summons Issued #34 . Document 34 - Summons on First Amended Complaint was issued incorrectly to the incorrect defendant. The summons has been issued on the correct defendant docket entry 37. (shb) (Entered: 03/17/2021)

#37

(#37) 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant The Charles Schwab Corporation. (shb) (Entered: 03/17/2021)

#36

(#36) 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant Charles Schwab and Co. Inc.. (shb) (Entered: 03/17/2021)

#35

(#35) 21 DAY Summons Issued on Amended Complaint #10 as to Defendant Melvin Capital Management, LP. (yl) (Entered: 03/17/2021)

#34

(#34) [REFER TO NOTICE OF CLERICAL ERROR, DKT #38 - 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant Charles Schwab and Co. Inc.. (shb) Modified on 3/17/2021 (shb). (Entered: 03/17/2021)

#33

(#33) 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant TD Ameritrade, Inc.. (shb) (Entered: 03/17/2021)

#32

(#32) WAIVER OF SERVICE Returned Executed filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. upon Citadel Enterprise Americas, LLC waiver sent by Plaintiff on 3/11/2021, answer due 5/10/2021. Waiver of Service signed by Dawson K. Robinson. (Blaise, Heather) (Entered: 03/12/2021)

#30

(#30) WAIVER OF SERVICE Returned Executed filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. upon The Depository Trust & Clearing Corporation waiver sent by Plaintiff on 3/4/2021, answer due 5/3/2021. Waiver of Service signed by Gregory M. Boyle. (Blaise, Heather) (Entered: 03/11/2021)

#9

(#9) STANDING ORDER upon filing of the complaint by Judge Virginia A. Phillips. (cch) (Entered: 01/29/2021)

#8

(#8) NOTICE OF CLERICAL ERROR: Notice of Pro Hac Vice Application Due (G-109), #6 was issued in error to attorney Lana B Nassar. Docket item 6 should be disregarded. (car) (Entered: 01/29/2021)

#7

(#7) NOTICE OF DEFICIENCIES in Attorney Case Opening RE: Complaint (Attorney Civil Case Opening), #1 . The following error(s) was found: Other error(s) with document(s): A temporary restraining order (TRO) flag was indicated, but no TRO document was filed. (car) (Entered: 01/29/2021)

#6

(#8) NOTICE OF CLERICAL ERROR: Notice of Pro Hac Vice Application Due (G-109), #6 was issued in error to attorney Lana B Nassar. Docket item 6 should be disregarded. (car) (Entered: 01/29/2021)

#5

(#5) NOTICE TO PARTIES OF COURT-DIRECTED ADR PROGRAM filed. (car) (Entered: 01/29/2021)

#4

(#4) NOTICE OF ASSIGNMENT to District Judge Virginia A. Phillips and Magistrate Judge Michael R. Wilner. (car) (Entered: 01/29/2021)

#3

(#3) CERTIFICATE of Interested Parties filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali, identifying Robinhood Financial, LLC; Robinhood Securities, LLC; Robinhood Markets, Inc.; Citadel Enterprise Americas, LLC; Melvin Capital Management, LP; TD Ameritrade, Inc.; The Charles Schwab Corporation; Charles Schwab & Co. Inc.. (Blaise, Heather) (Entered: 01/28/2021)

#2

(#2) CIVIL COVER SHEET filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. (Blaise, Heather) (Entered: 01/28/2021)

#1

(#10) First AMENDED COMPLAINT against Defendants Charles Schwab and Co. Inc., Citadel Enterprise Americas, LLC, Melvin Capital Management, LP, Robinhood Financial, LLC, Robinhood Markets, Inc., Robinhood Securities, LLC, TD Ameritrade, Inc., The Charles Schwab Corporation, The Depository Trust Company, The Depository Trust & Clearing Corporation, DOES 1-10 amending Complaint (Attorney Civil Case Opening), #1 , filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali(Blaise, Heather) (Entered: 01/29/2021)

26 More Documents Available
View All Documents

 

Docket Entries

  • 03/17/2021
  • View Court Documents
  • Docket(#38) NOTICE OF CLERICAL ERROR: Due to clerical error Re: Summons Issued #34 . Document 34 - Summons on First Amended Complaint was issued incorrectly to the incorrect defendant. The summons has been issued on the correct defendant docket entry 37. (shb) (Entered: 03/17/2021)

    Read MoreRead Less
  • 03/17/2021
  • View Court Documents
  • Docket(#37) 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant The Charles Schwab Corporation. (shb) (Entered: 03/17/2021)

    Read MoreRead Less
  • 03/17/2021
  • View Court Documents
  • Docket(#36) 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant Charles Schwab and Co. Inc.. (shb) (Entered: 03/17/2021)

    Read MoreRead Less
  • 03/17/2021
  • View Court Documents
  • Docket(#35) 21 DAY Summons Issued on Amended Complaint #10 as to Defendant Melvin Capital Management, LP. (yl) (Entered: 03/17/2021)

    Read MoreRead Less
  • 03/17/2021
  • View Court Documents
  • Docket(#34) [REFER TO NOTICE OF CLERICAL ERROR, DKT #38 - 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant Charles Schwab and Co. Inc.. (shb) Modified on 3/17/2021 (shb). (Entered: 03/17/2021)

    Read MoreRead Less
  • 03/17/2021
  • View Court Documents
  • Docket(#33) 21 DAY Summons Issued re First Amended Complaint/Petition, #10 as to Defendant TD Ameritrade, Inc.. (shb) (Entered: 03/17/2021)

    Read MoreRead Less
  • 03/12/2021
  • View Court Documents
  • Docket(#32) WAIVER OF SERVICE Returned Executed filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. upon Citadel Enterprise Americas, LLC waiver sent by Plaintiff on 3/11/2021, answer due 5/10/2021. Waiver of Service signed by Dawson K. Robinson. (Blaise, Heather) (Entered: 03/12/2021)

    Read MoreRead Less
  • 03/11/2021
  • View Court Documents
  • Docket(#31) Request for Clerk to Issue Summons on Amended Complaint/Petition, #10 filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. (Attachments: #1 TD Ameritrade, Inc, #2 The Charles Schwab Corporation, #3 Charles Schwab & Co. Inc.)(Blaise, Heather) (Entered: 03/11/2021)

    Read MoreRead Less
  • 03/11/2021
  • View Court Documents
  • Docket(#30) WAIVER OF SERVICE Returned Executed filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. upon The Depository Trust & Clearing Corporation waiver sent by Plaintiff on 3/4/2021, answer due 5/3/2021. Waiver of Service signed by Gregory M. Boyle. (Blaise, Heather) (Entered: 03/11/2021)

    Read MoreRead Less
  • 03/11/2021
  • View Court Documents
  • Docket(#29) WAIVER OF SERVICE Returned Executed filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. upon The Depository Trust Company waiver sent by Plaintiff on 3/4/2021, answer due 5/3/2021. Waiver of Service signed by Gregory M. Boyle. (Blaise, Heather) (Entered: 03/11/2021)

    Read MoreRead Less
18 More Docket Entries
  • 01/29/2021
  • View Court Documents
  • Docket(#10) First AMENDED COMPLAINT against Defendants Charles Schwab and Co. Inc., Citadel Enterprise Americas, LLC, Melvin Capital Management, LP, Robinhood Financial, LLC, Robinhood Markets, Inc., Robinhood Securities, LLC, TD Ameritrade, Inc., The Charles Schwab Corporation, The Depository Trust Company, The Depository Trust & Clearing Corporation, DOES 1-10 amending Complaint (Attorney Civil Case Opening), #1 , filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali(Blaise, Heather) (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/29/2021
  • View Court Documents
  • Docket(#9) STANDING ORDER upon filing of the complaint by Judge Virginia A. Phillips. (cch) (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/29/2021
  • View Court Documents
  • Docket(#8) NOTICE OF CLERICAL ERROR: Notice of Pro Hac Vice Application Due (G-109), #6 was issued in error to attorney Lana B Nassar. Docket item 6 should be disregarded. (car) (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/29/2021
  • View Court Documents
  • Docket(#7) NOTICE OF DEFICIENCIES in Attorney Case Opening RE: Complaint (Attorney Civil Case Opening), #1 . The following error(s) was found: Other error(s) with document(s): A temporary restraining order (TRO) flag was indicated, but no TRO document was filed. (car) (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/29/2021
  • View Court Documents
  • Docket(#6) [NOTICE OF CLERICAL ERROR ISSUED ON 1/29/2021, SEE ITEM 8] NOTICE OF PRO HAC VICE APPLICATION DUE for Non-Resident Attorney Lana B Nassar. A document recently filed in this case lists you as an out-of-state attorney of record. However, the Court has not been able to locate any record that you are admitted to the Bar of this Court, and you have not filed an application to appear Pro Hac Vice in this case. Accordingly, within 5 business days of the date of this notice, you must either (1) have your local counsel file an application to appear Pro Hac Vice (Form G-64) and pay the applicable fee, or (2) complete the next section of this form and return it to the court at cacd_attyadm@cacd.uscourts.gov. You have been removed as counsel of record from the docket in this case, and you will not be added back to the docket until your Pro Hac Vice status has been resolved. (car) Modified on 1/29/2021 (car). (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/29/2021
  • View Court Documents
  • Docket(#5) NOTICE TO PARTIES OF COURT-DIRECTED ADR PROGRAM filed. (car) (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/29/2021
  • View Court Documents
  • Docket(#4) NOTICE OF ASSIGNMENT to District Judge Virginia A. Phillips and Magistrate Judge Michael R. Wilner. (car) (Entered: 01/29/2021)

    Read MoreRead Less
  • 01/28/2021
  • View Court Documents
  • Docket(#3) CERTIFICATE of Interested Parties filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali, identifying Robinhood Financial, LLC; Robinhood Securities, LLC; Robinhood Markets, Inc.; Citadel Enterprise Americas, LLC; Melvin Capital Management, LP; TD Ameritrade, Inc.; The Charles Schwab Corporation; Charles Schwab & Co. Inc.. (Blaise, Heather) (Entered: 01/28/2021)

    Read MoreRead Less
  • 01/28/2021
  • View Court Documents
  • Docket(#2) CIVIL COVER SHEET filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. (Blaise, Heather) (Entered: 01/28/2021)

    Read MoreRead Less
  • 01/28/2021
  • View Court Documents
  • Docket(#1) COMPLAINT Receipt No: ACACDC-30303439 - Fee: $402, filed by Plaintiffs Mohammed A. Doleh, Hanna Kayali. (Attorney Heather Lea Blaise added to party Mohammed A. Doleh(pty:pla), Attorney Heather Lea Blaise added to party Hanna Kayali(pty:pla))(Blaise, Heather) (Entered: 01/28/2021)

    Read MoreRead Less
related-case-search

Dig Deeper

Get Deeper Insights on Court Cases


Latest cases where Melvin Capital Management, LP is a litigant

Latest cases where Citadel Enterprise Americas, LLC is a litigant

Latest cases where The Depository Trust and Clearing Corporation is a litigant