Northstar Financial Advisors v. Schwab Investments

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

NORTHSTAR FINANCIAL ADVISORS No. 11-17187 INC., on behalf of itself and all others similarly situated, D.C. No. Plaintiff-Appellant, 5:08-cv-4119-

LHK

v.

SCHWAB INVESTMENTS; MARIANN ORDER AND

BYERWALTER, DONALD F. AMENDED

DORWARD, WILLIAM A. HASLER, OPINION

ROBERT G. HOLMES, GERALD B.

SMITH, DONALD R. STEPHENS,

MICHAEL W. WILSEY, CHARLES R.

SCHWAB, RANDALL W. MERK,

JOSEPH H. WENDER and JOHN F. COGAN, as Trustees of Schwab Investments; and Charles Schwab Investment Management, Inc., Defendants-Appellees.

Appeal from the United States District Court for the Northern District of California Lucy H. Koh, District Judge, Presiding

Argued and Submitted May 17, 2013—San Francisco, California

Filed March 9, 2015 Amended April 28, 2015 Before: Richard R. Clifton and Carlos T. Bea, Circuit Judges, and Edward R. Korman, Senior District Judge.*

Order; Opinion by Judge Korman; Dissent by Judge Bea

SUMMARY**

Mutual Funds

The panel reversed in part and vacated in part the district court’s dismissal of a…