August 26, 2017 / 12:51 AM / 10 months ago

9th Circuit rejects lawsuit over Pimco total return fund

By Dena Aubin Pacific Investment Management Co does not have to face a proposed class action alleging that its total return fund over-invested in emerging market securities, a federal appeals court ruled, affirming a lower court’s dismissal of the case.

In a decision on Thursday, a three-judge panel of the 9th U.S. Circuit Court of Appeals agreed with Pimco that the lawsuit relied on alleged misstatements by Pimco and should have been brought under federal securities law, not as a state law breach of contract claim.

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