Robinhood Payment-for-Order-Flow Settlement: Who Could Claim

Getting this notice does not by itself mean you qualify or will be paid.

• You must have been a U.S. customer of Robinhood Financial LLC, Robinhood Securities, LLC, or Robinhood Markets, Inc.
• Between September 1, 2016 and September 1, 2018, you must have placed qualifying market orders for equities during market hours. Stop orders do not count.
• A buy order qualifies only if it was executed above the National Best Offer when routed. A sell order qualifies only if it was executed below the National Best Bid when routed.
• The combined difference for qualifying trades must have been more than $5.00.

The account credit and ACH transfer are alternatives for active account holders, not two separate payments.

• If you have an active Robinhood account in good standing, you do not need to file a claim to receive your share. It will be credited to your Robinhood account.
• You can instead file a claim to choose an ACH transfer to another financial institution.
• If you do not have an active Robinhood account in good standing, you must file a claim to receive a payment.

The notice does not list the specific supporting documents. The claim form itself is the source for those requirements.

• Download the Proof of Claim form, read its instructions, complete it, sign it, and include the documents the form requests.
• Submit it online or mail it.
• It must be submitted or postmarked by the later of July 13, 2026, or 60 days after the Court enters a final approval order.

Your payment can be higher or lower than the estimate because it depends on your calculated damages and the total allowed claims.

• The $2 million fund will first be reduced by taxes, notice and administration costs, Court-awarded expenses, and other Court-approved expenses.
• Eligible recipients share the remaining Net Settlement Fund based on an equal percentage of each person’s calculated damages.
• The notice estimates about 16.5% of calculated damages and an average payment of $17.60. These are estimates, not guaranteed payment amounts.

The hearing date does not itself mean the settlement has final approval or that payments will be issued then.

• The Court hearing is scheduled for May 5, 2026, at 2:00 p.m. PT.
• If the settlement is approved, payments are expected 30 days after final approval and/or the end of any appeals process.
• The notice warns that the hearing date or time may change.

This is a special rule for people who close an account after Robinhood provides the list of active, good-standing account holders and before the fund is distributed.

• The notice says that the Claims Administrator will email people who close their Robinhood account during the stated period.
• Those instructions will explain how to receive the pro rata distribution by reactivating the account.

Excluding yourself means leaving the settlement. It means you will not be bound by this settlement, but it does not guarantee that you can successfully bring a separate case.

• Mail a signed exclusion letter requesting exclusion from the Settlement Class in the In re Robinhood Order Flow Settlement.
• Include your Settlement Class Member Identifier, name, address, and telephone number.
• Mail it by First-Class Mail so it is postmarked no later than March 30, 2026.
• If you exclude yourself, you will not receive a settlement payment and cannot object to the settlement.

You may file a written objection without attending the hearing. To speak at the hearing, you must first submit a proper written objection and also file a Notice of Intention to Appear by April 21, 2026.

• You must stay in the Settlement Class; people who exclude themselves cannot object.
• Send a written objection that includes your name, address, email address, telephone number, signature, Settlement Class Member Identifier, reasons for objecting, and the other information required by the notice.
• File it with the Court electronically or in person, or mail it to the Court, by March 30, 2026.

The Court will consider whether to approve the settlement and the payment-allocation plan. It may also decide the amount of counsel’s expenses.

• The hearing is scheduled for May 5, 2026, at 2:00 p.m. in Courtroom 1 on the fourth floor of the Ronald V. Dellums Federal Building & United States Courthouse, 1301 Clay Street, Oakland, California.
• You do not have to attend. A properly submitted written objection will still be considered.