Northstar Financial invested some of the funds of its investors with Schwab Total Bond Market Fund, a fund registered with the SEC under the Investment Company Act. In compliance with the Act, Schwab stated its investment policies in its registration statement. In violation of the Act, it changed its investment strategy from what was stated in its registration statement. Because of this change in investment strategy, the company lost significant money when the housing market imploded. So Northstar Financial filed a class action suit on behalf of its investors against the Schwab Fund for violating the Investment Company Act. The Fund filed a motion to dismiss the suit on grounds that no private action was available under the Act, and the District Court rejected the motion. The Schwab Fund appealed the dismissal. How do you think the Court of Appeals ruled? Why? Northstar Financial Advisors v. Schwab Investments, 615 F.3d 1106 (2010 WL 3169400, 9th Cir. 2010).