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  5. 967 F.Supp. 1148 (1997)
 

PIPER JAFFRAY COMPANIES, INC. v. NAT. UNION FIRE INS. CO.

Civil No. 4-96-1143 JRT/RLE.

967 F.Supp. 1148 (1997)

PIPER JAFFRAY COMPANIES, INC.; Piper Jaffray, Inc.; Piper Capital Management, Incorporated; and Piper Funds, Inc., Plaintiffs, v. NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PENNSYLVANIA; Reliance National Indemnity Company; and Executive Re Speciality Insurance Company, Defendants.

United States District Court, D. Minnesota, Fourth Division.

June 18, 1997.

Attorney(s) appearing for the Case

Robert P. Thavis, George F. McGunnigle, Jr., Steven P. Zabel, Leonard, Street & Deinard, Minneapolis, MN, for Plaintiffs.

Bradley M. Jones, Meagher & Geer, Minneapolis, MN, Jeff I. Ross, Zelle & Larson, Minneapolis, MN, Richard P. Mahoney, Mahoney, Dougherty & Mahoney, Minneapolis, MN, David W. Evans, Haight, Brown & Bonesteel, San Francisco, CA, Daniel J. Standish, Ross, Dixon & Masback, Washington, DC, for Defendants.

MEMORANDUM AND ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS' MOTION TO DISMISS

TUNHEIM, District Judge.

This declaratory judgment action arises out of a series of lawsuits brought against officers and directors of plaintiffs Piper Jaffray Companies, Inc., and its related subsidiaries (collectively, "Piper"). Through these many subsidiaries, Piper managed the investments of individuals and other entities. In the early 1990's, Piper suffered...

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