Weltzin v. COBANK, ACB

CARTER, Justice.

Roger Weltzin, Arnold L. Noe, and Roland W. Riensche, for themselves and other shareholders of the La Porte City Cooperative Elevator (Coop), who have sued as a class, appeal from an adverse summary judgment in their action against Cobank, ACB (Cobank), a federally chartered lending institution, and Kenneth D. Grant, a loan officer of Cobank. The shareholder class had alleged that the defendants were negligent and breached their fiduciary duty in business transactions with the Coop. The district court granted summary judgment to defendants on the ground that they owed no duty…