Don’t Stop the Game

Taking from the rich…

The stock trading and investing app, Robinhood, has developed into one of the most popular broker-dealer platforms. Aside from its “commission-free” marketing, the benefits include easy accessibility and your first stock free! About a month ago, however, consumers learned of the downsides to using Robinhood. At least 90 lawsuits have been filed against the company for restricting trade of specific securities, including GameStop. Consumers claim that the perceivably unlawful act of the company has caused financial hardship and unfair, lost opportunities for a potentially profitable investment. Read more

Lawsuit to Teach a Lesson

Eliminating a monopoly

College tuition and housing is expensive enough.  But how much are textbooks?  While students may be fully aware of the cost of their education and living on campus before they commit to a particular school, they are not initially provided a breakdown of the price of their course material, per class, per semester. About ten years ago, e-books were only being introduced as a mainstream method of studying.  You could still find most students walking around campus with heavy textbooks.  Since then, textbook sales have decreased, and students are electing to bypass print in order to study material entirely online.  Despite the shift in preference, the textbook market is allegedly depleting options for obtaining needed course material.    Read more

Citizens Pays $132.5 Million for Overdraft Practices

Show me the money

Citizens Financial Group, a bank based in Rhode Island, was accused of unfair business practices in its calculation of overdraft fees for its poorer customers.  Instead of processing transactions in the chronological order they were created, the bank elected to process them from largest to smallest.  This increased the likeliness and amount of overdraft fees, which are levied when a customer spends more money than he/she has in the bank.

Read on to find out exactly how these customers were ripped off