The United States Court of Appeals for the Ninth Circuit, applying California law, has held that a lawsuit that contained allegations similar to those made in an earlier action regarding similar but not identical investments did not relate back to the earlier suit because neither the advice, the investors, nor the investments were precisely the same. Financial Mgm't Advisors, LLC v. American Int'l Specialty Lines Ins. Co., 2007 WL 3243946 (9th Cir. Nov. 5, 2007). The policy excluded coverage for any claim "arising out of the same or related Wrongful Acts" that were alleged in any claim made or noticed under a prior policy. In this case, a similar investor suit was the subject of a notice under the prior year's policy. The court determined that there were several important differences between the suits, including the fact that the investors were unrelated, received investment advice tailored to their unique financial position on separate occasions, and invested in different investments. Although the investors invested in the same collateral bond obligation funds (CBOs), the earlier suit was also based on misrepresentations regarding the investors' equity investments. The court further noted that the allegations regarding the CBOs differed in that one investor alleged that the policyholder misrepresented the risk of the CBO, while the other investor alleged that the policyholder failed to disclose significant information.