Robinhood sued by parents of young trader who killed himself

Stock trading app Robinhood was sued by the parents whose son committed suicide over a misunderstanding in the app. — AP Photo

Robinhood Markets Inc. was sued by the parents of a 20-year-old trader who killed himself last year after he incorrectly believed he had lost US$730,000 (RM2.96mil) on an options trade.

The parents of Alex Kearns filed a wrongful death lawsuit Monday in state court in Santa Clara County, California, claiming the no-fee brokerage preys on inexperienced and unsophisticated investors like their son. They seek unspecified damages.