FRANKLIN HIGH YIELD TAX-FREE INCOME FUND v. COUNTY OF MARTIN, MINN.

No. 97-3727.

152 F.3d 736 (1998)

FRANKLIN HIGH YIELD TAX-FREE INCOME FUND, a series of the Franklin Tax-Free Trust, a Massachusetts trust, Appellant, v. COUNTY OF MARTIN, MINNESOTA; County of Nicollet; County of Sibley; County of Waseca; County of Watonwan; Jean Burkhardt; Steven Donnelly; Leighton Hugoson; Charlene Kahler; Steven Pierce; Kenneth Albrecht; Judy Hanson; William Schimmel; Clete Schroepfer; Clifford Wenner; John Bach; Leo Bauer; Don Schwecke; Todd Voight; Charles Woehler; George Doyle; James Goettl; Calvin Grams; Ralph Keyes; Robert Peterson; Noren Durheim; Milo Holland; Vernon Koerselman; Lester Reckow; Robert Sorensen, Appellees.

United States Court of Appeals, Eighth Circuit.

Filed August 13, 1998.


Attorney(s) appearing for the Case

Robert L. Schnell, Minneapolis, MN, argued (Jeffrey D. Hedlund and Timothy C. Rank, on the brief), for Appellant.

Wallace Goodell Hilke, Minneapolis, MN, argued (Steven D. Kelley, on the brief), for Appellee.

Before RICHARD S. ARNOLD, JOHN R. GIBSON, and FAGG, Circuit Judges.


FAGG, Circuit Judge.

In this breach of contract and securities fraud lawsuit, municipal bondholder Franklin High Yield Tax-Free Income Fund appeals the district court's judgment on the pleadings in favor of several counties and their commissioners. We reverse and remand for further proceedings.

We review de novo the district court's decision to grant judgment on the pleadings. See Lion Oil Co. v. Tosco Corp., 90 F.3d 268

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