Robinhood Lawsuit - Robinhood Is in Another Lawsuit With Massachusetts Regulators. Why It Wont Stick
Channel: Lamont Tyson
Date: 2020-12-17

Robinhood Lawsuit - Robinhood Is in Another Lawsuit With Massachusetts Regulators. Why It Wont Stick.

Massachusetts securities regulators filed a complaint Wednesday against the wildly popular trading platform operated by Robinhood Financial LLC, alleging the company aggressively marketed to inexperienced investors and failed to implement controls to protect them.

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In a 24-page complaint, the enforcement arm of the Massachusetts Securities Division said Robinhood failed to protect its customers and their assets, violating state laws and regulations. Robinhood exposed Massachusetts investors to “unnecessary trading risks” by “falling far short of the fiduciary standard” adopted this year that requires broker-dealers to act in their clients’ best interest, the state said.

The Wall Street Journal first reported early Wednesday the state’s intention to file the administrative complaint. The document focuses on the technological outages the platform has experienced and says Robinhood incentivizes frequent use, including by allowing customers with limited or no experience to attempt more complicated trades.

Robinhood disagrees with the allegations, a spokeswoman said in a statement, and the company intends to defend itself vigorously.

“Over the past several months, we’ve worked diligently to ensure our systems scale and are available when people need them,” she said. “We’ve also made significant improvements to our options offering, adding safeguards and enhanced educational materials.”