Massachusetts Supreme Court upholding the state’s fiduciary duty rule and holding Robinhood accountable by reversing a lower-court judge’s previous decision, is a huge victory for Main Street investors.

WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement on today’s decision in Robinhood Financial LLC v. Galvin, from the Supreme Judicial Court for the Commonwealth of Massachusetts, reversing a lower-court judge’s decision that struck down the state’s fiduciary duty rule. Better Markets filed an amicus curiae brief in the case supporting Sect. Galvin and protecting investors.

“Too many retail investors are ripped off by their brokers who put their financial interests above the best interests of their clients. The SEC’s mis-named “best interest” rule didn’t fix that conflict of interest so Massachusetts stepped in with its own rule requiring brokers to act in the best interests of their clients—a standard that Robinhood was charged with violating.

bettermarkets.org/newsroom/massachusetts-supreme-court-upholding-states-fiduciary-duty-rule-and-holding-robinhood-accountable-is-a-huge-victory-for-main-street-investors/

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