Northstar Financial Advisors Inc. v. Schwab Investments et al

Filing 50

ORDER DIRECTING FURTHER BRIEFING. Biref due noon on 1/20/09. (SI, COURT STAFF) (Filed on 1/14/2009)

1 2 3 4 5 6 7 8 9 10 United United States District Court For the Northern District of California 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Dated: January 14, 2009 SUSAN ILLSTON United States District Judge IT IS SO ORDERED. v. SCHWAB INVESTMENTS, et al., Defendants. / NORTHSTAR FINANCIAL ADVISORS INC., on Behalf of Itself and all Others Similarly Situated, Plaintiff, No. C 08-4119 SI ORDER DIRECTING FURTHER BRIEFING IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA

Defendants' motion to dismiss the complaint is scheduled for a hearing on January 23, 2009. Defendants contend, inter alia, that there is no private right of action under Section 13(a) of the Investment Company Act of 1940, 15 U.S.C. § 80a-13(a). Neither party has addressed the significance, if any, of Section 13(c), "Limitation on actions," to the question of whether there is a private right of action under Section 13(a). The Court directs the parties to address this issue in supplemental briefs of no more than 5 pages to be filed by noon on January 20, 2009.