United States Life Insurance v. Mechanics & Farmers Bank

DONALD RUSSELL, Circuit Judge:

This is an action by bondholders to recover of the defendant bank, an indenture trustee, damages arising out of alleged violations of its fiduciary duties. By agreement, the cause was tried to the court without a jury. After trial, the district court filed its “Memorandum of Decision,” in which it found certain breaches of the duties on the part of the bank as trustee, rendered judgment against the trustee on account of certain such breaches, and denied judgment on others. Both the bondholders and the trustee have appealed. The bondholders contend on their appeal…