Seven states, D.C. sue SEC over brokerage rules that weaken consumer protections

September 11, 2019 by Associated Press

Seven states and the District of Columbia have sued the Securities and Exchange Commission, saying the regulatory agency is putting investors in jeopardy by relaxing rules designed to ensure that securities brokers keep the interests of their customers ahead of their own.

The lawsuit filed Monday in federal court in New York City asked a judge to order the agency to scrap a new rule that weakens protections for consumers because it violates the intent of Congress and was approved in an arbitrary and unlawful manner.

Click HERE to read the full story via The Washington Post.

Originally Posted at The Washington Post on September 10, 2019 by Associated Press.