Feitelberg

McADAMS, J.

This is an appeal from a judgment of dismissal entered after the trial court sustained defendants' demurrer. The dispositive issue before us is whether the remedy of nonrestitutionary disgorgement is available in a class action asserting violation of the state's unfair competition statutes. We conclude that it is not. We therefore affirm the judgment.

In June 2003, plaintiff Jerome Feitelberg filed this action "on behalf of himself and all others similarly situated ... and on behalf of the General Public," against defendants Credit Suisse First Boston LLC (CSFB) and its former employee Frank P. Quattrone. The complaint asserts that defendants engaged in unfair business practices, in violation of the California statutory scheme commonly known as the "unfair competition law" or "UCL." (Bus. & Prof.Code, § 17200 et seq.; [1] see generally, 11 Witkin, Summary of Cal. Law (2004 supp.) Equity, § 93, p. 493.)

The complaint makes these assertions: Defendant CSFB issued biased stock research reports to gain favor with investment banking clients. As a result of this conflict of interest, the reports produced by CSFB's stock analysts "contained exaggerated or unwarranted…