Investment management partner Adam Schlichtmann and securities litigation partners John Donovan and Robert Skinner presented a Mutual Fund Directors Forum webinar on July 30 titled “Considerations for Directors in Light of Northstar Financial.” The webinar examined the implications for directors of the Ninth Circuit decision in Northstar Financial Advisors Inc. v. Schwab Investments, which held that directors can be sued directly by shareholders under state law for an alleged breach of fiduciary duty and opened the door to other state law claims against mutual funds and their investment advisers. The presenters suggested practical steps for directors and funds to address the impact of the court’s decision.
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