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Robinhood Financial LLC v. Secretary of the Commonwealth

SJC-13381
Argue Date: Wednesday May 3, 2023
*Summary:   Securities Law-- Whether the Secretary of the Commonwealth had the authority to promulgate a regulation known as the “Fiduciary Duty Rule.”
Justices: Gaziano, Lowy, Cypher, Wendlandt, Georges, Jr., JJ.
Appellant: Secretary of the Commonwealth
Counsel for Appellant: Adam Hornstine, A.A.G. - Withdrawn Phoebe Fischer-Groban, A.A.G. John Donovan, III, Esquire - Withdrawn Myles W. McDonough, Esquire - Withdrawn Victoria Goetz, Esquire - Withdrawn
Appellee: Robinhood Financial LLC
Counsel for Appellee: Jason S. Pinney, Esquire Timothy P. Burke, Esquire Jeff Goldman, Esquire Charles L. Solomont, Esquire Bryan Michael Connor, Esquire Emma Coffey, Esquire Amy M. Saharia, Pro Hac Vice Attorney John S. Williams, Pro Hac Vice Attorney Claire R. Cahill, Pro Hac Vice Attorney Whitney D. Hermandorfer, Pro Hac Vice Attorney Mark S. Storslee, Pro Hac Vice Attorney
Court Appealed From: Suffolk Superior Court
Lower Court Judge: Michael D. Ricciuti, J.
Route to SJC: Direct Appellate Review
Amici Curiae: New England Legal Foundation ,Chamber of Commerce of the United States of America , Greater Boston Chamber of Commerce , Cornell Securities Law Clinic , Public Investors Advocate Bar Association , AARP , AARP Foundation , National Consumer Law Center , Institute for the Fiduciary Standard , Professor Emerita Tamar Frankel , Better Markets, Inc. , North American Securities Administrators Association, Inc. ,

*Summary is not an official part of the court proceedings, it is presented so that those who access the website will have a general understanding of the legal issues in the case.

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