Massachusetts looks to bar Robinhood in state; company sues
NEW YORK (AP) — Regulators in Massachusetts are trying to effectively bar the popular Robinhood trading app from the state. It’s an escalation for the Massachusetts securities division, which accused Robinhood in December of making investing seem like a game to lure unsophisticated investors into making too-risky trades. Robinhood is blasting the complaint, calling it elitist and based on a rule that should not apply in its case. It’s asking to move the issue to a state court, rather than continue to work through an administrative process. Exploding popularity for Robinhood’s easy-to-use app has helped bring a new generation of investors to the market.