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FIRST ALA. BANK OF MONTGOMERY, N.A. v. MARTIN

80-853.

425 So.2d 415 (1982)

FIRST ALABAMA BANK OF MONTGOMERY, N.A. v. Charlotte Kyle MARTIN, Kathleen Gerson, Gloria Alleta Parker, and Virginia G. Weldon.

Supreme Court of Alabama.

As Modified on Rehearing January 14, 1983.

Attorney(s) appearing for the Case

M.R. Nachman, Jr., R.E. Steiner, III, and Eric G. Bruggink of Steiner, Crum & Baker, Montgomery, for appellant.

Jack Crenshaw and Albert W. Copeland and Richard H. Gill of Copeland, Franco, Screws & Gill, Montgomery, for appellees.

William H. Smith, Gen. Counsel and Michael F. Crotty, Asst. Gen. Counsel, Washington, D.C., for amicus curiae American Bankers Ass'n.

TORBERT, Chief Justice.

This is a class action. The plaintiffs are beneficiaries of approximately 1,250 individual trusts, of which the bank is trustee. As trustee of these individual trusts, the bank invested certain assets comprising the principal of those trusts in participating units of two common trust funds, a bond fund and an equity fund.

After First Alabama purchased and sold certain units and made certain investments that resulted in substantial losses...

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