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More states expected to bring claims against Scottrade

States cant enforce the DOL fiduciary rule -- but they may try to show that Scottrades alleged violation of the rule amounts to a breach of state ethical standards.

By Nick Thornton | Updated on February 20, 2018
States can’t enforce the DOL fiduciary rule -- but they may try to show that Scottrade’s alleged violation of the rule amounts to a breach of state ethical standards. (Photo: Shutterstock)

The administrative complaint brought by the Massachusetts Securities Division against Scottrade Inc. will more than likely be followed by claims from other states, according to attorneys familiar with the matter.

In court papers filed last week, the Office of the Secretary of the Commonwealth alleged Scottrade violated Massachusetts’ securities laws by failing to comply with the impartial conduct standards of the Labor Department’s fiduciary rule.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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