The state Supreme Judiciary Court ruled against online brokerage Robinhood in its fight to block a Massachusetts fiduciary rule that says that broker-dealers have a fiduciary obligation to provide investment advice without regard to the interests of anyone but their customers.
Robinhood sued Secretary of the Commonwealth William F. Galvin in Suffolk County Superior Court after he alleged the company violated the state's fiduciary rule’s requirements by encouraging risky trading. The Superior Court judge issued an opinion in 2022 that invalidated the state's fiduciary duty rule in a major victory for state securities regulators.
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