For your second post, I want everyone to think about the ethical implications of company behavior in relation to company legal obligations and consumer responses to actual and perceived failures of those obligations. Further, what about consumer responsibilities? Enter the increasingly dramatic story of the super successful “every person” trading app- Robinhood!
Perhaps some of you currently use Robinhood or have heard about it because it has revolutionized access to financial markets/trading and the Gamestop/Blackberry/AMC stock short drama that has played out over the past several weeks. However, with ease of access comes moral hazard problems…has Robinhood done a good job addressing this balance? Have other similar trading apps? What about consumer outcries and apps that provide easy (perhaps too easy?) legal redress, such as the Robot Lawyer “DO NOT PAY”? Review the links below and discuss this tenuous relationship between the law and ethics of profit-seeking in our App-driven world.
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(Also note the US Congressional Investigations into Robinhood for the ease of trade and now Gamestop debacle)
CNBC Robinhood Gamestop Force Stop Trades: https://www.cnbc.com/2021/01/28/robinhood-customer-sues-trading-app-over-gamestop-restrictions.html
Robot Lawyer App: https://donotpay.com/
Sample Newly Filed Classaction Litigation Against Robinhood:
(The list continues to grow daily!)-