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SAFECO INS. CO. OF AMERICA v. DAIN BOSWORTH

No. C1-94-2317.

531 N.W.2d 867 (1995)

SAFECO INSURANCE COMPANY OF AMERICA, a Washington corporation, Appellant, v. DAIN BOSWORTH INCORPORATED, a Delaware corporation, Respondent.

Court of Appeals of Minnesota.

Review Denied July 20, 1995.

Attorney(s) appearing for the Case

Robert L. Meller, Jr., Sarah C. Madison, Best & Flanagan, Minneapolis, B. David Thomas, pro hac vice, Bellevue, WA, for appellant.

Lawrence C. Brown, Robert L. Schnell, Jr., Jeffrey D. Hedlund, Karen E. Wilson, Faegre & Benson, P.L.L.P., Minneapolis, for respondent.

Considered and decided by DAVIES, P.J., and RANDALL and MULALLY, JJ.

OPINION

RANDALL, Judge.

FACTS

The city of Minneapolis and the Minneapolis Community Development Agency each issued revenue bonds in 1983 to finance the renovation of a factory into a design center and furniture mart. The facility was named International Market Square (IMS). Dain was the co-underwriter of these bonds. The 1983 bonds went into default.

The IMS Developers wanted to refinance these bonds. The IMS Developers and Dain sought...

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