LDM attorneys, led by brief writers Stacy Morris and Cathy Trent-Vilim, successfully defeated the summary judgment attempts of a defendant securities lending bank and its parent company in a $42 million action LDM brought on behalf of its insurance company client. The underlying lawsuit, brought by LDM attorneys Pat Vipond and Mark Novotny, centers on actions of the securities lending agent in investing the insurance company’s assets in inappropriate and risky investments in the form of mortgage backed securities and the bank’s failure to notify its customers once the investments began to fail. Causes of action include breach of fiduciary duty, fraud, misrepresentation, conversion, gross negligence and breach of contract against the defendants. In denying the defendants’ motions for summary judgment, the federal district court judge adopted LDM’s arguments and allowed the case to go forward.
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