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Massachusetts court rejects Robinhood's challenge to state investment advice rule

BOSTON (Reuters) -Massachusetts' top court on Friday handed state securities regulators a major victory in their enforcement action against online brokerage Robinhood by holding that a state fiduciary duty rule that is central to the case is valid. The Massachusetts Supreme Judiciary Court reversed a lower-court judge's decision in favor of Robinhood in a lawsuit it filed after Massachusetts Secretary of State Bill Galvin in 2020 accused it of encouraging inexperienced investors to place risky trades. ....

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