FREEMAN INVESTMENTS, L.P. v. PACIFIC LIFE INS. CO.

No. 09-55513.

704 F.3d 1110 (2013)

FREEMAN INVESTMENTS, L.P.; Darrel Freeman Irrevocable Trust; Freeman Joint Irrevocable Trust, individually and on behalf of a class of others similarly situated; David Kemp, Trustee of the Darrel L. Freeman Irrevocable Trust, individually and on behalf of a class of others similarly situated; David Kemp, Trustee of the Freeman Irrevocable Trust, individually and on behalf of a class of others similarly situated, Plaintiffs-Appellants, v. PACIFIC LIFE INSURANCE COMPANY, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed January 2, 2013.


Attorney(s) appearing for the Case

Lee A. Sherman , Callahan Thompson Sherman & Caudill LLP, Tustin, CA; Stephen R. Miller and John J. Schirger , Miller Schirger LLC, Kansas City, MO; and Patrick J. Stueve and Richard M. Paul III (argued), Stueve Siegel Hanson LLP, Kansas City, MO, for Plaintiffs-Appellants.

James C. Martin (argued), Robert D. Phillips Jr. , Thomas A. Evans and David J. Bird , Reed Smith LLP, San Francisco, CA, for Defendant-Appellee.

Before: ALEX KOZINSKI, Chief Judge, STEPHEN S. and SIDNEY R. THOMAS, Circuit Judges.


OPINION

KOZINSKI, Chief Judge:

The Securities Litigation Uniform Standards Act of 1998 (SLUSA) precludes state law class actions that allege misrepresentation or fraudulent omission in connection with the purchase or sale of covered securities. In this case we answer the question on everyone's lips: Does SLUSA displace class actions alleging breach of a variable universal life insurance contract?

I. BACKGROUND

Plaintiffs purchased variable...

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