U.S. Court of Appeals for the 9th Circuit
Aug. 14, 2010
Investors Can't Sue Funds Under U.S. Securities Law
The 9th U.S. Circuit Court of Appeals ruled Thursday that shareholders don't have a private right of action to enforce a federal law protecting investors against rogue investment decisions.
Daily Journal Staff Writer
The 9th U.S. Circuit Court of Appeals ruled Thursday that shareholders don't have a private right of action to enforce a federal law protecting investors against rogue investment decisions.
The ruling reversed U.S. District Judge Susan Illston, who had approved a federal lawsuit against Schwab Investments under Section 13 of the Investment Company Act of 1940. The act requires share...
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