On March 2nd, the Federal District Court for the Northern District of California partially dismissed a class action lawsuit asserting various state law violations resulting from defendants' alleged deviation from the stated investment purpose of a bond mutual fund. The claims, with the exception of the breach of fiduciary duty claim to the extent it is premised exclusively on Massachusetts law, are precluded by the Securities Litigation Uniform Standards Act. Because Plaintiffs could conceivably amend their pleadings to avoid SLUSA preclusion, the Court granted leave to amend. Northstar Financial Advisors, Inc. v. Schwab Investments.