© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly
BOSTON (Reuters) – A Massachusetts judge on Wednesday dealt state securities regulators a major setback in their enforcement action against the online brokerage Robinhood (NASDAQ:) by declaring the state’s new fiduciary rule which underlies the case invalid.
Suffolk County Superior Court Judge Michael Ricciuti in Boston concluded that Massachusetts Secretary of State Bill Galvin’s lacked the authority to adopt a rule in 2020 that raised the investment-advice standard for brokers.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment