United States Ninth Circuit

In an action by investors claiming that a large American investment trust operating a series of mutual funds unlawfully deviated from the investment policies set forth in its registration statement, to the detriment of the fund's shareholders and in violation of section 13(a) of the Investment Company Act, a denial of defendant's motion to dismiss the complaint is reversed where nothing in section 13(a) as originally enacted or as subsequently amended either created a private cause of action or recognized one existed with the clarity and specificity required under Supreme Court precedent.

Appellate Information

• Decided 08/12/2010
• Published 08/12/2010

Judges

• Mary M. Schroeder

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Marc J. Gross, Darryl P. Rains