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A lawsuit requires them to be breaking a law. Doing a shit or even malicious job at something you volunteered for is not against the law. Mods are not employees of reddit. If the argument is that they’re somehow harming the product, that same argument could be extended to the protestors and shitposters. It wouldn’t hold any water in an actual court.
Good for the protesters then, one thing less to worry about.
I don’t think anyone ever was lol. If reddit even tried something like that they’d be opening a legal can of worms that would cause them way more harm than good