Federal Judge Refuses to Block Massachusetts Fiduciary Rule in Robinhood Case

Posted on June 4th, 2021 at 1:17 PM
Federal Judge Refuses to Block Massachusetts Fiduciary Rule in Robinhood Case

From the Desk of Jim Eccleston at Eccleston Law LLC:

Robinhood’s attempt to stop Massachusetts securities regulators from enforcing a new fiduciary rule that may bar Robinhood from the commonwealth was unsuccessful. In an eight-page ruling, Superior Court Judge Kenneth Salinger denied Robinhood’s request for an injunction against the new rule stating that “Robinhood will suffer no irreparable harm” if enforcement continues. 

The ruling comes after Massachusetts Secretary of State William Galvin filed suit against Robinhood for allegedly manipulating novice investors and enticing frequent trading via the application’s design. Nevertheless, Judge Salinger invited further argument from Robinhood’s legal representatives. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, robinhood

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

March 12, 2025
GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.

March 11, 2025
Former CNBC Analyst Pleads Guilty to $2.7 Million Securities Fraud Scheme

James Arthur McDonald Jr., a former financial advisor and frequent CNBC guest analyst, has agreed to plead guilty to securities fraud, admitting to defrauding investors out of at least $2.7 million, as reported by ThinkAdvisor. The felony charge carries a maximum sentence of 20 years in federal prison.

March 10, 2025
Wells Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

The Securities and Exchange Commission (SEC) has announced settlements with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.