French v. Wachovia Bank, National Ass'n

DECISION AND ORDER

RUDOLPH T. RANDA, District Judge.

This diversity action relates to Wachovia Bank, National Association’s (“WBNA”) actions as trustee for the James French trust. French’s children, the beneficiaries of the trust, claim that WBNA breached its fiduciary duties by exchanging two whole life insurance policies for two “no lapse” insurance policies through its affili ate, Wachovia Insurance Services, Inc. (“WIS”). Plaintiffs seek to recover the lost cash value of the policies that were surrendered, the profit made by WBNA and its affiliates, lost dividends and other fees.

WBNA moves…