Iron Workers Mid-South Pension Fund v. Davis

MEMORANDUM OPINION AND ORDER GRANTING MOTIONS TO DISMISS

JOHN R. TUNHEIM, District Judge.

Plaintiff Iron Workers Mid-South Pension Fund (“Iron”) brought this shareholder derivative action against current and former officers and directors of U.S. Ban-corp (“US Bank”), alleging that they breached their fiduciary duties by failing to properly oversee U.S. Bank’s largest subsidiary, U.S. Bank National Association (“US Bank NA”), in its role as trustee of trusts that invested in mortgage-backed securities. The Court dismissed without prejudice Iron’s initial failure of oversight claim, finding that…