Rowen v. LeMars Mutual Insurance Co. of Iowa

McCORMICK, Justice.

This is the fourth appeal in a derivative action brought by policyholders of LeMars Mutual Insurance Company (LeMars) to an*581nul the takeover of LeMars by Iowa Mutual Insurance Company of DeWitt (Iowa Mutual). Prior appeals are reported at 230 N.W.2d 905 (Iowa 1975), 282 N.W.2d 639 (Iowa 1979), and 347 N.W.2d 630 (Iowa 1984). In the most recent appeal this court decided certain financial issues arising from the court-ordered separation of the two companies. The present appeal is taken by the plaintiff policyholders from the district court’s decision of the remaining issue in…