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Lawsuits over GameStop Trading Allege an Antitrust Conspiracy

Class-action litigation expands to accuse several online trading platforms, hedge funds, and clearinghouses of conspiring to manipulate the market.

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(Photo: Tada Images/Shutterstock.com) (Photo: Tada Images/Shutterstock)

Litigation over a run on stock in GameStop and other companies—which touched off an abrupt trading halt on January 28—has expanded beyond Robinhood and its customers, with attorneys now alleging a conspiracy to manipulate the market that involved several other online trading platforms, hedge funds, and clearinghouses.

Last month, Robinhood halted trades of at least 13 companies, including GameStop, after Reddit users and others bought up their stock, sending share prices soaring and threatening short sellers with potentially billions of dollars in losses. Most of the lawsuits first filed alleged consumer fraud and breaches of fiduciary duty against Robinhood on behalf of its customers, but the latest class actions brought claims under antitrust law, naming dozens of defendants such as hedge fund Citadel and brokerage firm TD Ameritrade Inc.

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