The Massachusetts Supreme Judicial Court unanimously rejected Robinhood Financial’s arguments against the state secretary Friday, finding the official had the authority to enforce novel fiduciary duties on broker-dealers who engaged in “unethical or dishonest conduct or practices.”
Massachusetts’ securities regulator William Galvin implemented a regulation known as the “fiduciary rule,” under which a broker-dealer or its agency would assume certain fiduciary duties, including when providing recommendations and advice to retail investors.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
