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Northstar Financial Advisors, Inc v. Schwab Investments; and Mariann

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION


March 9, 2011

NORTHSTAR FINANCIAL ADVISORS, INC.,
ON BEHALF OF ITSELF AND ALL OTHERS SIMILARLY SITUATED, PLAINTIFF,
v.
SCHWAB INVESTMENTS; AND MARIANN
BYERWALTER, DONALD F. DORWARD, WILLIAM A. HASLER, ROBERT G.
HOLMES, GERALD B. SMITH, DONALD R. STEPHENS, MICHAEL W. WILSEY,
CHARLES R. SCHWAB, RANDALL W. MERK, JOSEPH H. WENDER AND JOHN F. COGAN AS TRUSTEES OF SCHWAB
INVESTMENTS; AND CHARLES SCHWAB INVESTMENT MANAGEMENT, INC.,
DEFENDANTS.

The opinion of the court was delivered by: Lucy H. Koh United States District Judge

United States District Court For the Northern District of California

ORDER DENYING MOTIONS TO CONSOLIDATE AND TO APPOINT LEAD COUNSEL

On October 11, 2010, defendants filed a Motion to Consolidate this matter with a related 23 case, Smit v. Charles Schwab & Co., Inc., No. 10-cv-03971-LHK. Plaintiff Northstar filed a 24 statement saying it did not oppose consolidation, but urged the Court to wait to decide this issue until after then-pending Motions to Dismiss had been decided in both the Northstar and Smit 26 matters.

On November 19, 2010, plaintiff Northstar filed a Motion to be Appointed Interim Lead Class and Liason Counsel regarding both this matter and the Smit matter. Attorneys for Plaintiffs 3 in the Smit matter opposed this Motion; defendants did not oppose.

At the January 13, 2011 hearing on the Motion to Dismiss in Northstar, counsel for the Northstar plaintiffs, the Smit plaintiffs, and defendants in both actions agreed that these Motions 6 should be denied without prejudice, pending resolution of the Motions to Dismiss in both matters.

The Court has now dismissed the claims in both matters, with leave to amend certain claims. The Court therefore finds that the Motion to Consolidate and the Motion to Appoint Interim Lead and Liason Class Counsel are moot. These Motions are DENIED without prejudice to the parties 10 raising these issues again when and if amended complaints are filed in the two actions.

IT IS SO ORDERED.

United States District Court For the Northern District of California

20110309

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