The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. The Massachusetts Supreme Judiciary Court reversed a lower-court judge's decision in favor of Robinhood in a lawsuit it filed after Massachusetts Secretary of State Bill Galvin in 2020 accused it of encouraging inexperienced investors to place risky trades. Galvin is seeking to have Robinhood's state broker-dealer license revoked. She noted that Galvin deemed the rule necessary "to protect investors confused by the increasingly blurred line between broker-dealers providing investment advice and investment advisers." "The rule that has been upheld by the Supreme Judicial Court today will give the highest protections to Massachusetts investors when brokers provide investment advice," Galvin, a Democrat, said in a statement.

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Persons: Andrew Kelly, Bill Galvin, Galvin, Lucas Moskowitz, Robinhood's, Robinhood, stockbrokers, Dalila Wendlandt, Galvin permissibly, Nate Raymond, Jonathan Oatis, Alexia Garamfalvi Organizations: Inc, REUTERS, BOSTON, Court, U.S . Securities, Exchange Commission, Robinhood, Menlo, Thomson Locations: New York City, U.S, Massachusetts, Menlo Park , California, Friday's, Boston