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Illustration: Brendan Lynch/Axios

The law firm Shumaker filed a class-action lawsuit in federal court in Tampa against the trading app Robinhood for preventing its members from trading GameStop shares on one day last week. 

Why it matters: The suit — brought by Floridians Taylor Perry and Kevin Shehan, plus California native Ryan Heitz and more than 100 putative class members — seeks $5 million in damages and could change the way the commission-free stock trading app functions.

Background: Shares for GameStop closed at an all-time high — $445 per share — on Jan. 27, 2021. But the next morning, Robinhood shut down trading of the stock to its 10 million customers, citing market volatility.

  • When those shares fell and then rose in trading the next day, Robinhood "chose to deny its customers access to the marketplace despite profiting off the customers who it lured in under the promise of market participation," said Shumaker's Michael S. Taaffe, who is representing the plaintiffs.

Flashback: Shumaker also sued Robinhood in March, when the trader was taken offline and investors left helpless during the biggest single-day point gain in the history of the Dow Jones Industrial Average.

This story first appeared in the Axios Tampa Bay newsletter, designed to help readers get smarter, faster on the most consequential news unfolding in their own backyard.

Go deeper

Dion Rabouin, author of Markets
Feb 1, 2021 - Economy & Business

Why GameStop's stock could rise much, much higher

The meteoric rise in GameStop's stock price is being called a short squeeze by most but that's not what's happening, says an expert on short interest and the market.

Why it matters: That could mean that if and when the short squeeze does come, GameStop's price could soar significantly higher than its current levels.

Republican Sen. Sasse slams Nebraska GOP for "weird worship" of Trump after state party rebuke

Sen. Ben Sasse, (R-Neb.) Photo: Andrew Harnik - Pool/Getty Images

The Nebraska Republican Party on Saturday formally "rebuked" Sen. Ben Sasse (R-Neb.) for his vote to impeach former President Trump earlier this year, though it stopped short of a formal censure, CNN reports.

Why it matters: Sasse is the latest among a slate of Republicans who have faced some sort of punishment from their state party apparatus after voting to impeach the former president. The senator responded statement Saturday, per the Omaha World-Herald, saying "most Nebraskans don't think politics should be about the weird worship of one dude."

Cuomo barraged by fellow Dems after second harassment accusation

New York Gov. Andrew Cuomo faced a barrage of criticism from fellow Democrats after The New York Times reported that the second former aide in four days had accused him of sexual harassment.

Why it matters: Cuomo had faced a revolt from legislators for his handling of nursing-home deaths from COVID. Now, the scandal is acutely personal, with obviously grave political risk.

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