United States Seventh Circuit

Dismissal of a class action against an ERISA fiduciary who administered a Employee Stock Option Plan is affirmed where the fiduciary did not act imprudently by failing to diversify the ESOP holdings in the face of the stock's decline in value and the company's eventual bankruptcy.

Appellate Information

• Argued 04/04/2006
• Decided 06/28/2006
• Published 06/28/2006

Judges

• POSNER, Circuit Judge., Before POSNER, WOOD, and EVANS, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Steve W. Berman (argued), Hagens, Berman, Sobol, Shapiro, Seattle, WA, for Plaintiffs-Appellants in 05-4005., Steve W. Berman (argued), Hagens, Berman, Sobol, Shapiro, Seattle, WA, Elizabeth A. Fegan, Hagens, Berman, Sobol, Shapiro, Chicago, IL, for Plaintiffs-Appellants in 05-4317.


• For Appellees:
  
• Rene E. Thorne (argued), Proskauer Rose LLP, New Orleans, LA, for Defendants-Appellees UAL Corp. ESOP Committee, Marty Torres, Barry Wilson and Craig Musa in 05-4005., Randall J. Sunshine (argued), Liner, Yankelevitz, Sunshine & Regenstreif, Los Angeles, CA, Ronald S. Kravitz (argued), Liner, Yankelevitz, Sunshine & Regenstreif, San Francisco, CA, for Defendant-Appellee State Street Bank and Trust.