Even if Acorns makes a serious mistake that costs you money, the most you can recover from them is capped at whatever fees you paid Acorns in the past 12 months — not your actual investment losses.
This analysis describes what Acorns's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
The dual-layer liability structure operates to restrict the scope of recoverable damages and establish a monetary ceiling based on historical fees paid. This provision allocates financial risk by excluding certain damage categories entirely and limiting aggregate exposure to a defined, user-specific amount.
This cap means that if Acorns makes an error that costs you hundreds or thousands of dollars in investment losses, your maximum legal recovery is limited to a few months of subscription fees — a significant financial risk for anyone with substantial assets on the platform.
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"IN NO EVENT WILL ACORNS, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR THIRD-PARTY SERVICE PROVIDERS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF OR RELATED TO YOUR USE OF THE SERVICES. IN NO EVENT SHALL ACORNS' TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION EXCEED THE AMOUNT OF FEES PAID BY YOU TO ACORNS IN THE TWELVE (12) MONTHS PRECEDING THE CLAIM.— Excerpt from Acorns's Acorns Terms of Service
(1) REGULATORY FRAMEWORK: Limitation of liability clauses in investment adviser agreements are evaluated under the Investment Advisers Act of 1940, Section 206 (anti-fraud provisions), which prohibits advisers from contracting out of fiduciary liability. The SEC has taken the position that certain liability caps may be inconsistent with an investment adviser's fiduciary duty under the Advisers Act. FTC Act Section 5 also applies if the cap is deemed deceptive. State securities laws (Blue Sky laws) in California, New York, and Texas impose additional fiduciary standards that may limit enforceability. (2)
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The dual-layer liability structure operates to restrict the scope of recoverable damages and establish a monetary ceiling based on historical fees paid. This provision allocates financial risk by excluding certain damage categories entirely and limiting aggregate exposure to a defined, user-specific amount.
This cap means that if Acorns makes an error that costs you hundreds or thousands of dollars in investment losses, your maximum legal recovery is limited to a few months of subscription fees — a significant financial risk for anyone with substantial assets on the platform.
ConductAtlas has identified this type of provision across 1 platforms. See the full comparison.
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