Big news dropped in the past few weeks, which sent shockwaves across the industry: according to a recently filed lawsuit, the SEC has classified the second largest cryptocurrency, Ether, as a security in certain ongoing...more
We all remember the legend of Robin Hood, who with his band of Merrie Men (plus Maid Marian of course) materialized from the depths of medieval Sherwood Forest to torment the corrupt Prince John and the cruel Sheriff of...more
On August 25, 2023, Justice Wendlandt of the Massachusetts Supreme Judicial Court issued a ruling in Robinhood Financial, LLC v. Secretary of the Commonwealth which upheld the legality of the fiduciary duty standard imposed...more
A decision from a Massachusetts court in a case involving Robinhood, the online trading platform, could mark a turning point in how states regulate broker/dealers around the country. The Massachusetts Supreme Judicial Court...more
In a widely anticipated decision, the Massachusetts Supreme Judicial Court unanimously upheld the Massachusetts Fiduciary Duty Rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers. The high Court’s...more
The Maine Office of Securities enforces Maine’s securities laws, licenses broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives, and reviews registration statements and exemption...more
Recent enforcement actions highlight the increased regulatory scrutiny that private funds may face with respect to internal cybersecurity protocols and responses to cyber-crimes and cyber incidents under new and updated...more
Robinhood is rolling out retirement accounts for users of its mobile app, by offering a 401(k) like match to IRAs. Robinhood will offer customers a 1% match on its traditional or Roth IRAs. Users can start investing on...more
CYBERSECURITY - New York DFS Fines Robinhood $30M for “Significant” Cybersecurity Violations - The New York Department of Financial Services (DFS) announced its first ever penalty against a cryptocurrency platform...more
The New York Department of Financial Services (DFS) announced its first ever penalty against a cryptocurrency platform this week, with a whopping $30 million fine assessed against Robinhood Crypto, LLC (RHC) for what it...more
Trading app Robinhood, which “popularized one-click trading and helped fuel last year’s meme stock frenzy,” announced this week that it’s firing 23% of its workforce. The move comes on the heels of the company laying off 340...more
Stronger-than-expected GDP figures for the 4th Quarter and 2021 on the whole was welcome good economic news for the U.S. on Thursday after weeks of volatility and renewed supply-chain issues. Q4 growth clocked in at 1.7%,...more
Workers at a Buffalo, NY-based Starbucks location have voted to unionize, the first ever union to form at one of Sbux’s “nearly 9,000 company-owned stores.” Though but one, the victory “represents a challenge to the labor...more
Takeaway: For most companies, following the SHIELD or FTC practices are sufficient to establish a reasonable security program that should protect companies from civil liability or penalty. But companies storing large...more
Uncertainty surrounding the emergence of the Omicron Variant in South Africa (and elsewhere since) drove markets to a dismal Black Friday performance, as hastily issued travel bans and fears of new lockdowns overwhelmed Wall...more
Buzzy brokerage app Robinhood Markets is the latest victim of a cyberhack, disclosing earlier this week that the personal information of some 7 million users was exposed. According to Bloomberg, the “intruder made off with...more
General Electric, the “129-year-old industrial conglomerate” founded by Thomas Edison, will fracture into three separate publicly traded companies—the latest effort by the struggling behemoth and CEO Larry Culp to “simplify...more
Live-video streaming site Twitch, an Amazon company, revealed on Wednesday that it “had endured a data breach that security researchers believe may have provided sweeping insight into the platform’s computer code, security...more
T-Mobile, the nation’s second-largest wireless carrier, has now confirmed that the cyberattack we reported earlier this week did indeed expose the personal information of some 48 million people—some of it including social...more
The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have been busy of late in efforts to address alleged compliance issues associated with payment for order flow (PFOF),...more
Robinhood, “an introducing broker-dealer that provides commission-free trading to retail customers through its website and mobile applications,” recently agreed to pay a record-setting amount of $70 million — consisting of a...more
Markets dove at the opening bell and never recovered on Monday, with all three major indices off between 1 and 2%--the most across the board since May. Most market watchers blamed concerns over the economic recovery stalling...more
There’s no question that FinTech firms are on the rise, and attempting to revolutionize the financial services space for the better. One such FinTech firm is none other than the notorious Robinhood. A technology company at...more
Electric truck-maker Lordstown (that “aimed to revive a shuttered General Motors factory in Ohio”) revealed this week in a regulatory filing that it does “not have enough cash to start commercial production of its electric...more
Peloton has recalled all of its treadmill models—the Tread+ and Tread—“less than a month after it fought the U.S. Consumer Product Safety Commission as it warned that dozens of injuries and one death of a child had been...more