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Mass. Robinhood Ruling Will Affect Broker-Dealers Nationwide

Financial Services Co-chair Pete Michaels, Of Counsel Michael Pastore, and Associate Edmund Daley co-authored an article published in Law360 which focused on the widely anticipated Massachusetts Supreme Judicial Court decision on the Massachusetts fiduciary duty rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers.

The authors wrote, “The primary issue before the court was whether the Secretary of the Commonwealth William Galvin overstepped his authority under the Massachusetts Uniform Securities Act, or MUSA, by enacting the rule.”