Insurer's $30M MBS Suit Survives US Bank Dismissal Bid

Law360, New York (January 17, 2013, 2:53 PM EST) -- A Nebraska judge on Wednesday refused to toss a life insurance company's suit against U.S. Bancorp over Bancorp unit U.S. Bank NA's alleged misrepresentations about mortgage-backed securities, which the insurer claims cost them $30 million.

Bancorp sought to dismiss the suit under the argument that Woodmen of the World Life Insurance Society lacks standing to sue it because the alleged losses are attributed to the actions of a securities lending trust that is governed by trustees and constituted as a separate legal entity, an argument U.S....
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