States sue SEC, claiming investors left behind by new rules

NEW YORK (AP) — 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 for brokers.
The lawsuit filed Monday in Manhattan federal court asks a judge to order the agency to scrap new rules that weaken protections for consumers.
A message seeking a response was left Tuesday with the SEC. The states say they are harmed because bad investment advice leaves consumers with less mo