Banks v. Northern Trust Corp.

The Ninth Circuit reversed the district court's dismissal of a putative class action against Northern Trust, alleging violations of state law involving breaches of fiduciary duty by a trustee. The district court determined that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) barred the case from proceeding in federal court. The panel held that SLUSA did not preclude plaintiffs' imprudent investment claims, because these claims did not meet the "in connection with' requirement for SLUSA preclusion. The panel also held that SLUSA did not preclude plaintiffs' fee-related claims, as well as plaintiffs' elder abuse claims and claims against NT Corp. The panel remanded for further proceedings. View "Banks v. Northern Trust Corp." on Justia Law