Panel: SLUSA Does Not Preclude Beneficiary’s Fiduciary Duty Claims

Mealey's (July 9, 2019, 2:27 PM EDT) -- PASADENA, Calif. — A Ninth Circuit U.S. Court of Appeals panel on July 5 ruled that a federal district court erred in holding that the Securities Litigation Uniform Standards Act (SLUSA) precluded a beneficiary’s state law claims involving breaches of fiduciary duty by a trustee, reversing and remanding the lower court’s determination (Lindie L. Banks, et al. v. Northern Trust Corp., et al., No. 17-56025, 9th Cir., 2019 U.S. App. LEXIS 20054)....