July 8, 2019 / 9:23 PM / 14 days ago

9th Circuit revives breach of duty lawsuit against Northern Trust

A federal appeals court has revived a proposed class action accusing Northern Trust Corp of investing the assets of thousands of trusts it managed in its own mutual funds to profit from management fees.

In a decision on Friday, a unanimous three-judge panel of the 9th U.S. Circuit Court of Appeals said a lower court erred in finding the lawsuit was barred by the Securities Litigation Uniform Standards Act (SLUSA), which prohibits the filing of securities class actions under state laws.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2LHEe3r

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