Nebraska insurer sues U.S. Bank

Updated: November 13, 2009 - 7:46 PM

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Nebraska insurance company Woodmen of the World wants U.S. Bank to pay nearly $30 million for investing some of the insurer's assets in risky mortgage-backed securities that plummeted in value instead of the conservative investments the bank promised. Omaha-based Woodmen filed a federal lawsuit against the Minneapolis bank on Thursday. Woodmen said it had lost $29.7 million because of how U.S. Bank invested cash Woodmen received as part of a stock-lending program. U.S. Bank spokesman Steve Dale said the bank believes it acted responsibly and will vigorously defend itself.

ASSOCIATED PRESS