Lonnie Kent Wildrick v. North River Insurance Company

MORRIS SHEPPARD ARNOLD, Circuit Judge.

Lonnie Kent Wildriek sued North River Insurance Company in Iowa state court in 1992, claiming that North River breached its contract by withdrawing its defense of Phillips, P.C., a professional corporation earlier sued by Mr. Wildriek for negligence in the performance of accounting services. Mr. Wildriek asserted that claim as both a third-party beneficiary of Phillips’s professional liability insurance policy and as Phillips’s assignee for claims against North River relative to Phillips’s defense in the professional negligence action (which resulted in a…