9th Circuit: Investment Firm Owed No Duty When Recommending Account Switch

( November 26, 2025, 2:13 PM EST) -- SAN FRANCISCO — A Ninth Circuit U.S. Court of Appeals panel affirmed a lower court’s ruling dismissing clients’ class action against a broker-dealer and investment advising firm for breach of fiduciary duty, finding that the firm did not owe the clients a fiduciary duty when recommending the clients switch to a different type of investment account....