After more than three years of regulatory investigation and litigation, Robinhood Financial LLC (“Robinhood”) recently agreed to overhaul its digital engagement practices and pay a $7.5.
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In its August 25, 2023 decision in Robinhood Financial LLC vs. Galvin, the Massachusetts Supreme Judicial Court reversed a trial court s decision and validated a 2020 Massachusetts state regulation.
On August 25, 2023, Justice Wendlandt of the Massachusetts Supreme Judicial Court issued a ruling in Robinhood Financial, LLC v. Secretary of the Commonwealth which upheld the legality.
BOSTON (Legal Newsline) - Massachusetts can impose tougher securities regulations on Internet broker Robinhood, the state’s highest court ruled, reversing a lower-court decision that held the “fiduciary rule” equating brokers with investment advisors exceeded regulators’ authority.