Zero-commissions brokerage Robinhood is promising to reimburse some of the customers affected by the outages on its trading platform earlier this month, according to news reports.
The company's app suffered technical glitches earlier in March that led to Robinhood’s customers missing out on the largest one-day point surge in the history of the Dow Jones Industrial Average, CNBC.com writes. On Monday, the company emailed customers who said they were affected by the outages to apologize, noting that an “apology alone won’t rebuild your trust in us. Instead, we hope our actions will,” according to the TV news channel’s website.
A spokesman for the company tells CNBC that the dollar amount of the credits will be determined on a case-by-case basis.
Robinhood also says it has improved its infrastructure and resolved some of the core issues that led to the outages, according to the news channel.
“Our engineering team has further strengthened and stabilized our systems and is continuing to work to minimize the risk of an outage like this from happening again,” the company said in the email cited by CNBC.com.
Robinhood is facing at least three lawsuits over the trading outages, filed in federal court in Florida and California.
Some customers have also claimed that they’ve been unable to transfer money out of their Robinhood accounts, which may also lead to further legal action.
Andrew Stoltmann, a Chicago-based plaintiff’s lawyer, told FA-IQ sister publication Ignites earlier this month that he was preparing a Finra arbitration claim against Robinhood on behalf of its investors.
Do you have a news tip you’d like to share with FA-IQ? Email us at email@example.com.