Monday, March 2, 2020, Robinhood suffered a systemwide, all-day outage during the largest daily point gain in the Dow Jones' history, preventing users from performing most actions on the platform, including opening and closing positions. During this outage the S&P 500 climbed more than 4.6 percent. Robinhood users postulated that the outage was the result of a coding error regarding leap year handling for Saturday, February 29, 2020. Robinhood denied these claims. Robinhood said that they will offer compensation on a case-by-case basis. Robinhood experienced another major systemwide outage on March 9. Robinhood is currently facing three lawsuits due to outages in March 2020. Suicide of Alexander E. Kearns Robinhood faced controversy in June 2020 after University of Nebraska student Alexander E. Kearns committed suicide after seeing a negative cash balance of in his Robinhood margin trading account. It was later discovered that this was a temporary negative balance due to unsettled trading activity. In his suicide note, Kearns, who was 20 years old at the time of his death, accused Robinhood of allowing him to pile on too much risk. In a press release, Robinhood promised considering additional criteria and education for customers seeking level 3 options authorization. Kearns' family filed and later settled a wrongful death lawsuit with the company. 2020 SEC probe On September 2, 2020, the Wall Street Journal reported that Robinhood was under SEC investigation for failing to fully disclose selling clients' orders to high-speed trading firms, with a potential $10 million-plus fine. Robinhood paid $65 million to settle the SEC investigation on December 17, 2020. Gamification in Massachusetts On December 16, 2020, the Securities Division of the Massachusetts Secretary of the Commonwealth filed an administrative complaint alleging violation of state securities laws by "marketing itself to Massachusetts investors without regard for the best interests of its customers and failing to maintain the infrastructures and procedures necessary to meet the demands of its rapidly growing customer base." As a result of their gamified interface allowing new investors to participate in short selling and advanced derivatives trading (i.e. options), the Massachusetts Securities Division contended that Robinhood exploits novice investors, since these types of trades are usually considered "out of bounds" for new investors due to the high risk involved in them. In March 2022, Suffolk County Superior Court declared that the new fiduciary duty rule underlying parts of the case was invalid. The decision did not