US Bank Sued Over $30M Loss On Securities Loans

Law360, New York (November 13, 2009, 12:47 PM EST) -- Woodmen of the World Life Insurance Society, a nonprofit group that serves 740,000 members and beneficiaries, has accused U.S. Bank NA of losing $30 million by mishandling proceeds from the charitable group's securities loans and breaking the lending contract.

The group filed suit Thursday in the U.S. District Court for the District of Nebraska, alleging that U.S. Bank breached its fiduciary duty by investing Woodmen's assets in risky subprime mortgages when the bank was supposed to put them in stable and conservative investments.

Steve Dale, a...
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