On July 19, 2026, the United States District Court for the Northern District of California granted plaintiffs' motion to consolidate four related class actions challenging Robinhood's Prediction Markets Hub and appointed Wolf Popper partner Philip M. Black as Interim Class Counsel. The Court also appointed Stuart A. Davidson of Robbins Geller Rudman & Dowd LLP to serve alongside Mr. Black.
The Court consolidated four actions pending against Robinhood Markets, Inc. and related defendants into a single proceeding before Judge Edward M. Chen. The Court further ordered that all future actions filed in or transferred to the Northern District of California on behalf of individuals who lost money trading sports event contracts on Robinhood will be consolidated into the litigation, absent further order of the Court.
As Interim Class Counsel, Mr. Black and co-counsel will have primary responsibility for coordinating the litigation, communicating with defendants and the Court on behalf of the proposed class, and advancing the claims through the pretrial proceedings.
Wolf Popper's complaint alleges that Robinhood Markets, Inc. and Robinhood Derivatives, LLC operated an unlawful sports gambling platform through their Prediction Markets Hub by marketing sports event contracts as legitimate financial investments rather than wagers, allegedly misleading consumers about the nature and legality of the products. The litigation seeks relief on behalf of consumers who lost money trading these contracts.