Brown v. California Pension Administrators & Consultants, Inc.

Opinion

EPSTEIN, J.

Appellants are investors or spouses of investors in self-directed individual retirement accounts (IRA’s) who sought to recover funds based on the failure of respondents, the trustee and administrator of their IRA’s, to notify them that the borrower of their funds had defaulted in payments to other investors. We conclude that express provisions in the documents governing the business relationship between the parties limited the duties of the trustee and the administrator. As a result, neither the trustee nor the administrator had an obligation to provide appellants with…