Gray Murray v. U.S. Bank Trust National Assoc.

HILL, Circuit Judge:

This is an appeal from a district court order denying the bondholder plaintiffs’ motion to certify a class action and dismissing their complaint without prejudice on the grounds that they, as trust beneficiaries, lack standing to bring suit against the three trust fiduciary defendants, or, in the alternative, that as to one trust fiduciary defendant, their case is not yet ripe. Based on the following, we affirm the judgment of the district court.

I. FACTUAL AND PROCEDURAL HISTORY 1

In 1993, the Tri-City Hospital Authority (the hospital authority) issued $39,140,000 in bonds…