United States Sixth Circuit

District court's determinations, that: (1) defendants, as fiduciaries, failed to conduct a prudent and independent investigation to determine the fair market value of stock; (2) a showing of harm or loss is not an element of a claim under ERISA section 406(a)(1); and (3) defendants owed employee stock ownership plan the difference between the amount originally paid for stock and the fair market value of the stock, affirmed.

Appellate Information

• Decided 04/03/2002
• Published 04/03/2002

Judges

• Before:  NORRIS and DAUGHTREY, Circuit Judges;  ZATKOFF, Chief District Judge.

Court

• United States Sixth Circuit

Counsel

• For Appellees:
  
• Allen H. Feldman, Edward D. Sieger (argued and briefed), Nathaniel I. Spiller (briefed), U.S. Dept. of Labor, Office of the Solicitor, Washington, DC, for Plaintiff-Appellee., Katherine S. Kamen (briefed), LeBoeuf, Lamb, Greene & MacRae, Edward A. Scallet (argued and briefed), Groom Law Group, Washington, DC, Michael J. Frantz (briefed), Frantz Ward LLP, Cleveland, OH, for Defendants-Appellants.