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CITY OF DUBUQUE v. IOWA TRUST

No. 96-2024.

587 N.W.2d 216 (1998)

CITY OF DUBUQUE, an Iowa Municipal Corporation; Audubon County, an Iowa Municipal Corporation; Black Hawk County, an Iowa Municipal Courts 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; and Dubuque County, an Iowa Municipal Corporation, Court Administration Appellees, v. IOWA TRUST, et al., Defendants, and Davis, Hockenberg, Wine, Brown, Koehn & Shors, P.C., Appellee, Bankers Trust Company, Intervenor-Appellant.

Supreme Court of Iowa.

December 23, 1998.

Attorney(s) appearing for the Case

Mark McCormick, Roger T. Stetson and Margaret C. Callahan of Belin Lamson McCormick Zumbach Flynn, a Professional Corporation, Des Moines, for intervenor-appellant.

Thomas D. Hanson and Barry A. Russell of Hanson, Bjork & Russell, L.L.P., Des Moines, for municipal appellees.

James K. Horstman, Brigid E. Kennedy and Lloyd E. Williams, Jr., of Williams & Montgomery Ltd., Chicago, Illinois, and Dennis D. Jerde of Davis, Brown, Koehn, Shors & Roberts, Des Moines, for appellee Davis, Hockenberg, et al.

Considered by McGIVERIN, C.J., and CARTER, LAVORATO, SNELL and CADY, JJ.

McGIVERIN, Chief Justice.

This is another case to reach us concerning the wrongful conversion by third persons of funds invested in the Iowa Trust by plaintiff municipalities. In a prior decision regarding this matter, see City of Dubuque v. Iowa Trust, 519 N.W.2d 786, 790 (Iowa 1994), we held that, although the receiver was pursuing claims on behalf of the trust, the individual municipal investors had standing to pursue...

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