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MFDF - Mutual Fund Directors Forum - Forum Files Amicus Brief in Northstar Litigation

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Forum Files Amicus Brief in Northstar Litigation

On August 28, the Forum filed an amicus brief urging the Supreme Court to review the Ninth Circuit's ruling in Northstar Financial Advisors Inc. v. Schwab Investments et al. The case, decided earlier this year, held that directors can be sued directly by shareholders for an alleged breach of fiduciary duty. The brief argues that the Ninth Circuit's decision "represents a dangerous departure from decades of legislation and jurisprudence" and that it "undermines the fundamental role fund directors play in the regulatory scheme of protecting shareholders' interests."