202835P.pdf   05/19/2021  Gregory Shepard  v.  Employers Mutual Casualty Comp
   U.S. Court of Appeals Case No:  20-2835
   U.S. District Court for the Southern District of Iowa - Central   
   [PUBLISHED] [Benton, Author, with Gruender and Shepherd, Circuit Judges] 
   Civil case - Corporations. In action alleging defendant breached its 
   fiduciary duty to plaintiff in his role as a minority shareholder in a 
   squeeze out, the district court did not err in dismissing the action under 
   Rule 12(b)(6); plaintiff's allegation that his injury - a reduced stock 
   price in the years leading up to the squeeze out - arose only from his 
   status as a shareholder of the purchased company and this is insufficient 
   under Iowa law to plausibly plead a special duty arising out of a 
   contractual relationship; nor did he plead a separate and distinct injury 
   in comparison to other shareholders; because plaintiff's claim is 
   derivative in nature, he must satisfy federal and Iowa requirements for 
   filing a derivative action; here, plaintiff failed to satisfy federal and 
   Iowa pleading requirements for his derivative action because his complaint 
   does not state with particularity his efforts to enforce minority 
   shareholder rights in the years leading up to the squeeze out or that he 
   petitioned the directors in writing or that 90 days have expired since 
   delivery of the demand and the company rejected his request.