PHILIP PINKERT V. SCHWAB CHARITABLE FUND, ET AL, No. 21-16299 (9th Cir. 2022)
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Plaintiff alleges that Schwab Charitable, its board of directors, and its Investment Oversight Committee breached their fiduciary duties under California law by partnering with Schwab & Co.—a legally separate but closely related company—for brokerage, custodial, and administrative services. Plaintiff filed suit in the United States District Court for the Northern District of California. After Defendants moved to dismiss, the district court held that Plaintiff lacked standing under Article III and statutory standing under California law. The district court allowed Plaintiff to amend his complaint, but he notified the district court that he did not intend to do so, and instead wished to appeal. The district court then entered judgment for the defendants. Plaintiff timely appealed.
The Ninth Circuit affirmed the district court’s judgment, holding that Plaintiff did not have Article III standing to sue Schwab Charitable Fund for allegedly breaching its fiduciary duties by, among other things, deducting excessive fees from Plaintiff’s donor-advised fund. The panel held that it need not decide whether Plaintiff’s arguments, regarding his purported need to contribute more to the DAF and related impact on his reputation and expressive rights, were cognizable in general because Plaintiff did not allege that he had experienced or will experience any of these purported injuries. The panel concluded that Plaintiff had not adequately alleged standing based on these theories of injury.
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