Wright

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA San Francisco Division ROBERT WRIGHT, on behalf of himself Case No. 20-cv-05281-LB and all others similarly situated, 12 Plaintiff, ORDER GRANTING MOTION TO DISMISS v. Re: ECF No.

CHARLES SCHWAB & CO., INC.,

15 Defendant. 16 INTRODUCTION This is a putative class action challenging a defect in Charles Schwab’s online trading platform for stock transactions. The named plaintiff tried to close a “short” position in Royal Caribbean stock, and Schwab’s automated system purchased the shares but did not close the short position, resulting in a loss exceeding $10,000.1 The plaintiff’s relationship with Schwab (like all Schwab customers) was governed by Schwab’s brokerage agreement. The plaintiff, individually and on behalf of the putative class, sued Schwab for (1) negligence (based on its defective trading system), (2) unjust enrichment (for the compensation Schwab received…