What You Need to Know
- Ronbinhood filed a lawsuit in April 2021 to overturn the state's fiduciary rule.
- The judge ruled the rule is invalid.
- Galvin's office is considering an appeal.
In a win for Robinhood, a Superior Court Judge in Massachusetts struck down late Wednesday the state’s fiduciary rule.
Robinhood filed a lawsuit last April to overturn Massachusetts’ fiduciary rule, arguing Secretary of State William Galvin, Massachusetts’ top securities regulator, exceeded his authority in promulgating the state’s fiduciary rule.
Judge Michael Riccuiti agreed in his Wednesday ruling.