Schwab Ducks Northstar Claims Over Risky Securities

Law360, New York (March 3, 2011, 10:25 PM EST) -- A California federal judge on Wednesday tossed a class action brought by Northstar Financial Advisors that accused Schwab Investments of buying riskier securities than its benchmark index guidelines allowed, resulting in the loss of millions of dollars for investors.

In an order filed in the U.S. District Court for the Northern District of California, Judge Lucy Koh dismissed with prejudice Northstar’s allegations of breach of contract, breach of the implied covenant of good faith and fair dealing, finding that they were precluded by Securities Litigation Uniform...
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