Law360, New York (August 13, 2010, 7:41 PM ET) -- A federal appeals court has held that Northstar Financial Advisors Inc. cannot allege claims in a proposed class action that Schwab Investments illegally deviated from the financial strategy of one of its bond funds by investing heavily in mortgage-backed securities in violation of the Investment Company Act of 1940.
The U.S. Court of Appeals for the Ninth Circuit on Thursday reversed a lower court’s decision that shot down Schwab’s bid to toss Northstar’s federal claims, finding that Section 13(a) of the ICA can only be enforced...
Northstar Loses Claims Against Schwab On Appeal
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