Kramersmeier v. R.G. Dickinson & Co.

NEUMAN, Justice.

This is an appeal from a district court order certifying a class action. The underlying controversy involves a default in the payment of principal and interest on a $1,375,000 municipal bond issue underwritten by defendant R.G. Dickinson & Co. in connection with the restoration of an historic building owned by defendant Century Place Partnership in Cedar Rapids, Iowa. Plaintiffs Kramersmeier, Klatt and Lawrence purchased $70,000 of the bonds through an R.G. Dickinson broker in Algo-na. They claim that their loss, and the loss of over 100 other buyers under this bond issue, is…