The case is the first enforcement action brought under a state fiduciary rule that took effect in September that raised the investment-advice standard for brokers.
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Massachusetts regulators seek to revoke Robinhood's license; brokerage sues
Robinhood, which is seeking to go public through an initial public offering, in a blog post called the regulator "elitist" and said it was seeking to "reinstate the financial barriers that Robinhood was founded to break down."
