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PINKERT v. SCHWAB CHARITABLE FUND

No. 21-16299.

48 F.4th 1051 (2022)

Philip PINKERT, individually and on behalf of a class of similarly situated individuals, and on behalf of the general public, Plaintiff-Appellant, v. SCHWAB CHARITABLE FUND; Charles Schwab & Co.; Schwab Charitable Board of Directors; Schwab Charitable Investment Oversight Committee, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed September 14, 2022.

Attorney(s) appearing for the Case

Jennifer K. Lee (argued), Paul J. Lukas , Kai H. Richter , and Brock J. Specht , Nichols Kaster PLLP, Minneapolis, Minnesota; Matthew C. Helland , Nichols Kaster LLP, San Francisco, California; for Plaintiff-Appellant.

Alan E. Schoenfeld (argued), Wilmer Cutler Pickering Hale and Dorr LLP, New York, New York; David C. Marcus and Christopher T. Casamassima , Wilmer Cutler Pickering Hale and Dorr LLP, Los Angeles, California; Susan M. Pelletier , Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C.; Andrew Scott Dulberg , Wilmer Cutler Pickering Hale and Dorr LLP, Boston, Massachusetts; David A. Kotler and Samantha Rosa , Dechert LLP, New York, New York; Joshua D. N. Hess and Brian Raphel , Dechert LLP, San Francisco, California; for Defendants-Appellees.

Concurrence by Judge BRESS.

OPINION

The question presented in this case is whether Philip Pinkert has standing to sue Schwab Charitable for allegedly breaching its fiduciary duties by, among other things, deducting excessive fees from Pinkert's donor-advised fund. We hold that he does not.

I

A donor-advised fund (DAF) is...

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