BOSTON (Reuters) – Online brokerage Robinhood on Thursday sued to invalidate Massachusetts’ recently-adopted fiduciary rule and block state regulators from proceeding with charges it encourages inexperienced investors to place risky trades without limits.
Robinhood in a lawsuit filed in state court in Boston said the fiduciary standard of conduct for broker-dealers that Massachusetts Secretary of State Bill Galvin’s office adopted last year violates state and federal law.
(Reporting by Nate Raymond in Boston; Editing by Chris Reese)
