Robinhood Order Flow (Payment for Order Flow) Settlement
In re Robinhood Order Flow Litigation, No. 4:20-cv-09328-YGR (U.S. District Court, Northern District of California)
Closed. The claim deadline of August 10, 2026 has passed. You can no longer file a claim for this settlement. This page is kept for reference.
A $2,000,000 settlement over allegations that Robinhood misrepresented its payment-for-order-flow practices and gave certain customers inferior price improvement, so some market orders executed at worse prices than the National Best Bid or Offer (NBBO). Robinhood denies wrongdoing. The deadline of August 10, 2026 has passed, so this settlement is closed.
Estimated payout
A pro-rata cash payment from the $2 million fund; the notice estimates an average of about $17.60, with the actual amount depending on the number of valid claims.
Proof required?
No documentation to upload — eligibility is based on Robinhood's own trade records. Class members with an active Robinhood account in good standing are paid automatically; a claim form is only needed if your account is closed, or if you want payment sent by ACH to a different financial institution.
Cost
Always free through the official administrator.
Who qualifies
U.S. Robinhood customers who, between September 1, 2016 and September 1, 2018, placed qualifying market orders — buys executed above the National Best Offer, or sells executed below the National Best Bid (excluding stop orders, routed during market hours) — where the aggregate difference from the NBBO exceeded $5.00.
Background
Payment for order flow is the practice of a brokerage routing customer trades to outside market makers that pay for that order flow — the revenue model behind Robinhood's commission-free trading that drew intense scrutiny during the 2021 meme-stock era. This case alleged that, as a result, some customers got worse execution prices than the best available quote.
What you need to file
- Whether you had an active Robinhood account in good standing (those are paid automatically).
- The Claimant ID from your notice, if you received one.
- Your bank/ACH details only if your account is closed or you want payment to a different institution.
What you can get
A pro-rata cash payment from the $2 million fund; the notice estimates an average of about $17.60, with the actual amount depending on the number of valid claims.
Proof of purchase or loss: No documentation to upload — eligibility is based on Robinhood's own trade records. Class members with an active Robinhood account in good standing are paid automatically; a claim form is only needed if your account is closed, or if you want payment sent by ACH to a different financial institution.
Free to file. We’re not a law firm.
Unclaimed Guide is an independent guide. We are not a law firm, not a claims-filing service, and not affiliated with Robinhood Financial LLC, Robinhood Securities, LLC, and Robinhood Markets, Inc., the settlement administrator, or the court. You can always file this claim yourself, for free, at the official site above. Never pay a company that offers to file it for you.
Common questions
Not always. If you still have an active Robinhood account in good standing, your pro-rata payment is credited automatically. You only need to file a claim if your account is closed, or if you want the money sent by ACH to a different institution. The claim deadline is the later of July 13, 2026 or 60 days after final approval — confirm the current date at robinhoodorderflowsettlement.com.
Yes. Filing is always free through the official settlement administrator at robinhoodorderflowsettlement.com. You never need to pay a law firm or a claims service — we are an independent guide and are not affiliated with the settlement, the administrator, or the court.
No. The deadline (August 10, 2026) has passed, so the window is closed. Deadlines are set by the court; check robinhoodorderflowsettlement.com for any updates.
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