Investment losses of nearly $12 million have caused a suit against a bank for breach of fiduciary duty and fraudulent misrepresentation. An Iowa businessman, Greg Deman, claims that he placed the First American Bank and its wealth manager, Joe Heffernan, in charge of his companies' investments and that, as a result of breaches of fiduciary duty and fraudulent misrepresentations, lost $12 million. The lawsuit claims that the bank made investments that carried a higher-risk than were approved and then misrepresented the investments' status.
