> "And though traders may be outraged by the surprise, Robinhood’s terms of service grant it permission to close a trader’s position under a number of circumstances."
The terms of service for EVERY service we use are entirely legal jargon for "we can do whatever the f*k we want to do with any data on our service, and you have no legal recourse." No matter what the company says about "privacy" or any other rights you think you have, buried in there somewhere is a clause that says that no matter what happens, you can't sue. What do you expect when you've abdicated the right to sue the company for something you think is illegal or injurious? It's supposed to be the bastion of last resort, to keep everyone honest. When the safety net of the legal system is gone (e.g., forced arbitration) -- or only used for one side, there's nothing to restrain these humungous companies which are running the world now. We're a long way past needing a legal reset on "terms of service."
In the EU, those would not be allowed. This is also prohibited by German laws, particularly with regards to apartment and employment contracts.
> Under EU law, standard contract terms used by traders have to be fair. This doesn't change if they're called "terms and conditions" or are part of a detailed contract that you actually have to sign. The contract is not allowed to create an imbalance between your rights and obligations as a consumer and the rights and obligations of sellers and suppliers.
This includes...
> Terms which restrict how and where consumers can take legal action and obliging them to provide proof which is the responsibility of the other party to the contract.
The terms of service for EVERY service we use are entirely legal jargon for "we can do whatever the f*k we want to do with any data on our service, and you have no legal recourse." No matter what the company says about "privacy" or any other rights you think you have, buried in there somewhere is a clause that says that no matter what happens, you can't sue. What do you expect when you've abdicated the right to sue the company for something you think is illegal or injurious? It's supposed to be the bastion of last resort, to keep everyone honest. When the safety net of the legal system is gone (e.g., forced arbitration) -- or only used for one side, there's nothing to restrain these humungous companies which are running the world now. We're a long way past needing a legal reset on "terms of service."