Robin Hood,
the commission-free brokerage, has suffered a major defeat in its case against the
Massachusetts Secretary of State, Bill Galvin. The Supreme Judicial Court of
Massachusetts (SJC) today (Friday) ruled that a state fiduciary duty rule that is central to the
case is valid, according to Reuters.
Decemberben
2020, Galvin initiated an enforcement action against Robinhood, claiming that
the online brokerage failed to protect its customers and their money. The
Secretary alleged that Robinhood treated trading as a game and implemented strategies
to lure young and inexperienced traders. For instance, the online broker allegedly rained down confetti on the phone screens of its traders after the execution of each trade.
Továbbá,
Gavin argued that the alleged failure violated the state’s fiduciary duty rule
which raised investment-advice standards for brokers in early 2020. He,
therefore, sought to revoke the online trading platform’s broker-dealer license.
However, in March last
year, a trial court, the Suffolk County Superior Court in Boston, javára döntött
Robinhood. The court
argued that federal laws took precedence over the state regulator’s
stipulations. Additionally, Judge Michael Ricciuti, who heard the case, determined that Galvin overstepped his jurisdiction by implementing a regulation that was at odds
with federal legislation.
Korábban
Lehet, Pénzügyi mágnesek had reported that Galvin and
Robinhood érvelne az érvényesség mellett of the state regulator’s
fiduciary duty rule at the highest court in Massachusetts. This came after Gavin appealed against the ruling at the SJC.
Meme Stock Frenzy: Robinhood
Prevails in Court
Eközben
Robinhood nemrég secured victory in
másik eset filed by a
group of former traders. Earlier this month, an appellate court in the United
Államok threw out certain
követelések készült
against the online broker for imposing trading restrictions during a
mémállomány őrület that occurred three years ago.
A 2021,
some dissatisfied traders took legal action against
Robinhood, azt állítva
market manipulation after the broker korlátozott kereskedése
several of meme stocks. The price of the stocks, which include those of
Gamestop, AMC Entertainment and Blackberry, had been pumped through coordinated activities by a large group of amateur traders on the subreddit
channel, WallStreetBets.
A cselekedet
by the inexperienced traders caused big losses for hedge funds that had bet
that the price of the stocks would slump. At the time, the stock mania led
Robinhood to secure over $1
milliárd in urgent
additional funding. The upheaval also compelled other brokerage firms, such as
TD Ameritrade, IG Group, and Charles Schwab, to halt trading on the
skyrocketing stocks and associated derivatives
Robin Hood,
the commission-free brokerage, has suffered a major defeat in its case against the
Massachusetts Secretary of State, Bill Galvin. The Supreme Judicial Court of
Massachusetts (SJC) today (Friday) ruled that a state fiduciary duty rule that is central to the
case is valid, according to Reuters.
Decemberben
2020, Galvin initiated an enforcement action against Robinhood, claiming that
the online brokerage failed to protect its customers and their money. The
Secretary alleged that Robinhood treated trading as a game and implemented strategies
to lure young and inexperienced traders. For instance, the online broker allegedly rained down confetti on the phone screens of its traders after the execution of each trade.
Továbbá,
Gavin argued that the alleged failure violated the state’s fiduciary duty rule
which raised investment-advice standards for brokers in early 2020. He,
therefore, sought to revoke the online trading platform’s broker-dealer license.
However, in March last
year, a trial court, the Suffolk County Superior Court in Boston, javára döntött
Robinhood. The court
argued that federal laws took precedence over the state regulator’s
stipulations. Additionally, Judge Michael Ricciuti, who heard the case, determined that Galvin overstepped his jurisdiction by implementing a regulation that was at odds
with federal legislation.
Korábban
Lehet, Pénzügyi mágnesek had reported that Galvin and
Robinhood érvelne az érvényesség mellett of the state regulator’s
fiduciary duty rule at the highest court in Massachusetts. This came after Gavin appealed against the ruling at the SJC.
Meme Stock Frenzy: Robinhood
Prevails in Court
Eközben
Robinhood nemrég secured victory in
másik eset filed by a
group of former traders. Earlier this month, an appellate court in the United
Államok threw out certain
követelések készült
against the online broker for imposing trading restrictions during a
mémállomány őrület that occurred three years ago.
A 2021,
some dissatisfied traders took legal action against
Robinhood, azt állítva
market manipulation after the broker korlátozott kereskedése
several of meme stocks. The price of the stocks, which include those of
Gamestop, AMC Entertainment and Blackberry, had been pumped through coordinated activities by a large group of amateur traders on the subreddit
channel, WallStreetBets.
A cselekedet
by the inexperienced traders caused big losses for hedge funds that had bet
that the price of the stocks would slump. At the time, the stock mania led
Robinhood to secure over $1
milliárd in urgent
additional funding. The upheaval also compelled other brokerage firms, such as
TD Ameritrade, IG Group, and Charles Schwab, to halt trading on the
skyrocketing stocks and associated derivatives
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- Forrás: https://www.financemagnates.com//forex/gamifying-trading-robinhood-loses-against-massachusetts-regulator/
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