In a blog post regarding the filing, Robinhood called the Massachusetts Securities Division – a state regulator designed to protect US investors – “elitist” and harbouring “an old way of thinking”.
The ongoing feud between Robinhood and the Commonwealth traces back to an initial filing made by the Massachusetts regulator in December.
It alleges that the $11.7 billion-valued digital broker “aggressively” marketed its products to investors without their “best interests”.
