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CITY OF DUBUQUE v. IOWA TRUST

Nos. 93-895, 93-1709.

519 N.W.2d 786 (1994)

CITY OF DUBUQUE, Iowa, an Iowa Municipal Corporation; City of Boone, Iowa, an Iowa Municipal Corporation; Audubon County, an Iowa Municipal Corporation; Black Hawk County, an Iowa Municipal Corporation; Cerro Gordo County, an Iowa Municipal Corporation; Clinton County, an Iowa Municipal Corporation; Muscatine County, an Iowa Municipal Corporation; Scott County, an Iowa Municipal Corporation, on Behalf of Themselves and All Others Similarly Situated, Appellees, and David J. Lyons, Receiver, Appellant, v. IOWA TRUST, Elaine Gundacker, Mary Maloney, Robert Carr, and Richard Heidloff, Trustees of the Iowa Trust, Defendants, Davis, Hockenberg, Wine, Brown, Koehn & Shors, P.C., Appellant.

Supreme Court of Iowa.

June 22, 1994.

Attorney(s) appearing for the Case

James K. Horstman, Brigid E. Kennedy, and Lloyd E. Williams, Jr., of Williams & Montgomery, Ltd., Chicago, IL, and Diane M. Stahle and Thomas E. Salsbery of Davis, Hockenberg, Wine, Brown, Koehn & Shors, P.C., Des Moines, for appellant law firm.

Bonnie J. Campbell, Atty. Gen., and Gordon E. Allen, Deputy Atty. Gen., for appellant David J. Lyons.

Thomas D. Hanson and Barry A. Russell of Hanson, Bjork & Russell, Des Moines, for appellees City of Dubuque, et al.

Considered by HARRIS, P.J., and LARSON, NEUMAN, SNELL, and ANDREASEN, JJ.

NEUMAN, Justice.

This case is before us following two preliminary rulings issued in an action to recover damages stemming from the conversion of municipalities' funds invested in the Iowa Trust. The issues pertain to plaintiffs' cause of action against counsel for the trust, Davis, Hockenberg, Wine, Brown, Koehn & Shors, P.C. The law firm challenges the court's refusal to dismiss the action on standing grounds and its certification of the suit as a class action...

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