04.21.21

Robinhood Sues to Overturn Massachusetts Fiduciary Rule

by: Mark, Jr. Schoeff

Online brokerage Robinhood filed a suit in a Massachusetts court Thursday to overturn the state’s fiduciary rule and end a case against one of its subsidiaries that is the first test of the measure. In its complaint, Robinhood argued that the Massachusetts fiduciary rule is invalid under both Massachusetts and federal law. Robinhood also claimed that the Massachusetts fiduciary rule is preempted by the SEC’s Regulation Best Interest.

Read the full article on InvestmentNews.