7th Circuit Panel: Breach Claims Against GreatBanc Were Plausibly Alleged
Mealey's (August 26, 2016, 12:59 PM EDT) -- CHICAGO — A Seventh Circuit U.S. Court of Appeals panel on Aug. 25 reversed the dismissal of Employee Retirement Income Security Act claims against the trustee of an employee stock ownership plan (ESOP) because, it said, the plaintiffs plausibly alleged both a prohibited transaction and a breach of fiduciary duty (Lisa Allen, et al. v. GreatBanc Trust Co., No. 15-3569, 7th Cir.; 2016 U.S. App. LEXIS 15704).
(Opinion available. Document #54-160914-040Z.)
The panel reversed a ruling by U.S. Judge James B. Zagel of the Northern District...