Robinhood Markets lost a bid to immediately stop Massachusetts securities regulators from enforcing a new rule that holds brokers accountable to a fiduciary standard of care.
Superior Court Judge Kenneth Salinger denied Robinhood’s request for an injunction against the state rule but invited further argument from the online brokerage. “Robinhood will suffer no irreparable harm” if enforcement proceeds, Salinger said in an eight-page ruling.
The company said it’s pleased the court will address the validity of the measure.
“We stand behind our customers, and we look forward to continuing to democratize finance for all in Massachusetts and across the country,” Robinhood spokeswoman Jacqueline Ortiz Ramsay said in an email.
In December, Massachusetts Secretary of State William Galvin filed administrative charges accusing Robinhood of manipulating inexperienced investors and driving trading through the application’s design and notifications.
Last month, Robinhood filed a suit in a Massachusetts court to overturn the state’s fiduciary rule and end the case against its subsidiary, which is the first test of the Massachusetts fiduciary rule.
”Secretary Galvin is pleased with the victory and glad that Robinhood was not successful in blocking the Securities Division’s charges,” said his spokeswoman Debra O’Malley.
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