9th Cir.
09-55513
The court of appeals affirmed a district court judgment in part, reversed in part, and remanded the action for further proceedings. The court held that the Securities Litigation Uniform Standards Act of 1998 did not preclude class claims alleging breach of contract where the claims hinged on interpretation of a key contract term rather than any alleged misrepresentation or omission by the issuer of a variable universal life insurance policy. The court held further that SLUSA did preclude class claims alleging fraud or misrepresentation based on the insurers deduction of excessive cost of insurance fees from funds which otherwise would have been invested in securities on the behalf of policyholders.
