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ROBINHOOD FINANCIAL LLC v. SECRETARY OF THE COMMONWEALTH

SJC-13381.

492 Mass. 696 (2023)

ROBINHOOD FINANCIAL LLC v. SECRETARY OF THE COMMONWEALTH & another.

Supreme Judicial Court of Massachusetts.

August 25, 2023.

Attorney(s) appearing for the Case

Phoebe Fischer-Groban , Assistant Attorney General, for the defendants.

Amy Mason Saharia ( John S. Williams , of the District of Columbia, Timothy P. Burke , & Jason S. Pinney also present) for the plaintiff.

The following submitted briefs for amici curiae:

Ben Robbins & Daniel B. Winslow for New England Legal Foundation.

Shay Dvoretzky , of the District of Columbia, Eben P. Colby , & Marley Ann Brumme for Chamber of Commerce of the United States of America & another.

Robert S. Banks, Jr. , of Oregon, & William A. Jacobson for Cornell Securities Law Clinic.

Timothy Cornell & Patrick J. Dolan for Public Investors Advocate Bar Association.

Elizabeth Aniskevich & Benjamin Davis , of the District of Columbia, Stuart Rossman , & Shennan Kavanagh for AARP & others.

Timothy Cornell & Patrick J. Dolan for Institute for the Fiduciary Standard & another.

Dennis M. Kelleher for Better Markets, Inc.

James F. Radke & Dylan White for North American Securities Administrators Association, Inc.

Present: Gaziano, Lowy, Cypher, Wendlandt, & Georges, JJ.

Unlike the fabled "Prince of Thieves," who took from the rich to give to the poor,2 the plaintiff Robinhood Financial LLC (Robinhood), is accused by the Secretary of the Commonwealth (Secretary) of taking advantage of unsophisticated investors to fill its own coffers by dispensing ill-suited investment...

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