Rowen v. Le Mars Mut. Ins. Co. of Iowa

LeGRAND, Justice.

This interlocutory appeal is here in a derivative action commenced by two policyholders of Le Mars Mutual Insurance Company (Le Mars) to set aside a contract between Iowa Mutual Insurance Company of DeWitt (Iowa Mutual) and Alesch, Inc. by which control of Le Mars was allegedly illegally transferred to Iowa Mutual. Plaintiffs ask both compensatory and punitive damages and seek general equitable relief.

The defendants are Iowa Mutual and its officers and directors; Alesch, Inc., and its officers and directors; and the officers and directors of Le Mars. Le Mars, the corporation…