Farm King Supply, Inc. Integrated Profit Sharing Plan & Trust v. Edward D. Jones & Co.

CUMMINGS, Circuit Judge.

The Farm King Supply, Inc. Integrated Profit Sharing and Trust (the “Plan”), a qualified employee benefit plan under the Employee Retirement Income Security Act, 29 U.S.C. §§ 1001 et seq. (“ERISA”), and its co-plaintiff trustees appeal from the decision of the district court which determined that defendant Edward D. Jones & Co. (“Jones”), a brokerage firm, was not a fiduciary of the Plan as defined in ERISA and therefore not liable for losses suffered by the Plan allegedly as the result of Jones’ breach of the duty of undivided loyalty owed by a fiduciary to a plan. We…