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After 10 Years of Litigation, Ninth Circuit Dismisses Northstar v. Schwab Class Action

On September 14, 2018, the United States Court of Appeals for the Ninth Circuit put an end to the long-running Northstar Financial Advisors v. Schwab Investments class action. In a much anticipated ruling, a panel of three Ninth Circuit judges held that Northstar’s ten-year-old lawsuit against Schwab was barred in its entirety by the federal Securities Litigation Uniform Standards Act of 1998 (“SLUSA”), giving Schwab a complete victory. The decision is of profound importance to the mutual fund industry, because if the panel had ruled the opposite way and allowed the Northstar case to go forward, it potentially could have sparked a new wave of class action litigation against mutual fund advisers and trustees. One caveat though – as of the time of this publication, it is still possible for Northstar to seek an en banc review of the decision from the full Ninth Circuit. Continue

Ropes & Gray attorneys regularly provide insightful perspective on key legal issues.To read more, visit our Alerts archive.


Independent Investigation 

Ropes & Gray is conducting an independent investigation into the abuse of gymnasts and other athletes by Larry Nassar. For more information, please visit nassarinvestigation.com.

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