Metropolitan Government v. State Street Bank & Trust Co.

COOK, Circuit Judge.

Plaintiff Metropolitan Government of Nashville and Davidson County, Tennessee (Metro) hired defendant State Street Bank and Trust to act as a custodian of trust fund assets supporting Metro’s employee benefit plans. In this action, Metro claims State Street erroneously reported that it had custody of Metro’s stock certificate in Z-Tel Technologies, Inc. and thereby delayed Metro’s ability to sell the stock as its price declined. The district court granted State Street’s motion for summary judgment on the ground that Metro failed to show how its injuries were caused by…