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Seeking Alpha 2021-12-29 19:28:53

Voyager Digital hit with lawsuit alleging secret trading fees - Bloomberg

Voyager Digital hit with lawsuit alleging secret trading fees - Bloomberg

Voyager Digital (OTCQX:VYGVF -2.3%) faces a proposed class action lawsuit that claims the cryptocurrency brokers misled customers by charging hidden fees on trading, Bloomberg reports. The company's chief communications officer, Michael Legg, said the allegations are "without any merit, whatsoever," in an email to Bloomberg. The lawsuit, filed on behalf of Mark Cassidy, a 30-year-old who lives in Florida, alleges that Voyager (OTCQX:VYGVF), which bills itself as "100% commission-free", tacks on "secret commissions" to the pricing of each trade and "in most cases exceed the disclosed fees and commissions charged by its competitors." Cassidy initially started crypto trading on Robinhood Markets (NASDAQ:HOOD) platform, but switched to Voyager (OTCQX:VYGVF) after the Securities and Exchange Commission alleged that Robinhood failed to properly inform customers that the company sells clients' stock orders to Wall Street trading firms, a practice called payment for order flow. That practice resulted in client trades being executed at

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