The family of a novice stock trader who killed himself after mistakenly believing he lost more than $700,000 is suing Robinhood Financial, claiming the popular stock-trading platform’s business practices “directly” led to their son’s death.
The complaint, filed Monday in state court in Santa Clara County, California, seeks unspecified damages on behalf of the parents and sister of Alex Kearns for wrongful death, negligent infliction of emotional distress, and unfair business practices.
Kearns, a student at the University of Nebraska-Lincoln, was 20 when he took his life last June after he misunderstood a potential loss from a stock-options trade.
In the lawsuit, Kearns’s parents and sister assert that Robinhood employed “aggressive tactics and strategy to lure inexperienced and unsophisticated investors, including Alex, to take big risks with the lure of tantalizing profits.”
Read the source article at ktla.com