Ronald Owens v. Kent Miller

WOLLMAN, Chief Judge.

Kent W. Miller and Terry J. McGavern appeal from the district court’s2 order affirming the finding of the bankruptcy court3 that certain debts were nondis-chargeable in Chapter 7 bankruptcy proceedings. We reverse and remand.

The appellees in this case are retirees from a steel mill in Utica, New York, and their spouses. They had never engaged in any complex investing, and none has more than a high school education. Upon their retirements in the late 1980s and early 1990s, the appellees received large lump-sum distributions from the steel mill’s retirement plan, and all of…