Split 9th Circ. Keeps Toss Of Northstar's Schwab Fund Suit
By Dave Simpson (September 14, 2018, 10:41 PM EDT) -- A Ninth Circuit panel on Friday agreed with the district court's dismissal of Northstar Financial Advisors Inc.'s putative class action against Charles Schwab Corp. but said that Northstar should have another crack at amending its complaint claiming Schwab stepped outside of its own guidelines to make risky bond-fund bets.
In a published decision, the majority of the panel found that U.S. District Judge Lucy H. Koh was right to dismiss the complaint, finding breach of fiduciary duty claims in the lengthy litigation are precluded under federal law.
"We were disappointed by the court's decision and are considering our options," Northstar's attorney...
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