Did you receive a mail about a class action on the settlement to resolve claims that PFOF is a controversial practice that allows retail trading platforms like Robinhood and E*TRADE to profit from consumer trades by selling orders to market makers in exchange for a fee? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is PFOF price fixing Class Action Settlement?
PFOF has been criticized for its potential to place profits over the interests of investors. In the past, regulators from the U.S. Securities and Exchange Commission (SEC) indicated that they may prohibit PFOF due to these and other concerns. However, in September 2022, Bloomberg reported that the SEC would not ban these practices.
Although PFOF is not illegal, some trading platforms may be violating the Sherman Act by selling customers’ order information to market makers at fixed prices.
What Is This Class Action All About?
The Sherman Act is an antitrust law that prohibits unlawful mergers, monopolies and other shady business practices. The law specifically prohibits “every contract, combination, or conspiracy in restraint of trade,” and any “monopolization, attempted monopolization, or conspiracy or combination to monopolize.”
Trading platforms may be committing price fixing in violation of the Sherman Act. Price fixing typically occurs when competing companies conspire to sell a good or service at a rate higher than what would be fair in a competitive market. Price fixing can also occur when companies conspire to shortchange vendors or customers by devaluing their goods or services. In this case, trading platforms may be fixing the prices of PFOF rates to maximize their profits at the expense of their customers.
Consumers on trade platforms may have lost money as a result of PFOF practices. A PFOF class action lawsuit could help traders recoup their losses and recover additional compensation under federal antitrust laws.
Who Is Eligible?
The settlement benefits all class members who developed kidney or bone problems after taking TDF drugs for HIV or Hepatitis B.
How To Be Part of This Settlement
For a class member to partake in this settlement, they must submit their Valid claim on the settlement website.
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is not necessary.
Conclusion
As you submit your claim to the settlement website, just like Moda Insurance class action settlement we have reviewed , you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim.
