9th Circ. Revives Beneficiary's Suit Against Northern Trust
Law360 (July 8, 2019, 7:19 PM EDT) -- The Ninth Circuit has ruled that the beneficiary of a trust managed by Northern Trust Co. can indeed bring imprudent investment claims against the company because she had no control over its trading strategy.
An appellate panel said Friday that a lower court was wrong to dismiss a putative class action by beneficiary Lindie Banks, who's accusing Northern Trust of breaching its fiduciary duty as the trustee for the irrevocable Lindstrom Trust.
The lower court said Banks' state law claims were barred by the Securities Litigation Uniform Standard Act of 1998, which precludes a federal court from hearing certain state-law securities class...
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