Robinhood Markets lost a bid to immediately stop Massachusetts securities regulators from enforcing a new rule that holds brokers accountable to a fiduciary standard of care.
Superior Court Judge Kenneth Salinger denied Robinhood’s request for an injunction against the state rule but invited further argument from the online brokerage. “Robinhood will suffer no irreparable harm” if enforcement proceeds, Salinger said in an eight-page ruling.
The company said it’s pleased the court will address the validity of the measure.
“We stand behind our customers, and we look forward to continuing to democratize finance for all in Massachusetts and across the country,” Robinhood spokeswoman Jacqueline Ortiz Ramsay said in an email.
In December, Massachusetts Secretary of State William Galvin filed administrative charges accusing Robinhood of manipulating inexperienced investors and driving trading through the application’s design and notifications.
Last month, Robinhood filed a suit in a Massachusetts court to overturn the state’s fiduciary rule and end the case against its subsidiary, which is the first test of the Massachusetts fiduciary rule.
”Secretary Galvin is pleased with the victory and glad that Robinhood was not successful in blocking the Securities Division’s charges,” said his spokeswoman Debra O’Malley.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
