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Circuit Revives Class Action Against LaSalle Bank

Law360 (November 21, 2007, 12:00 AM EST) -- An appellate court has given new life to a purported class action that accuses LaSalle Bank of breaching its fiduciary duty by investing in underperforming funds managed by a subsidiary.

The U.S. Court of Appeals for the Second Circuit on Monday vacated a lower court order which dismissed the purported class action for failure to state a claim. The case was remanded for an evidentiary hearing.

The plaintiffs, who were beneficiaries of a trust controlled by LaSalle, claimed that the bank continued to invest the trust’s...
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