Legal Opinion
Allen v. Greatbanc Trust Co.
Court of Appeals for the Seventh Circuit
Decided August 25, 2016No. 15-3569PublishedCited by 116 opinions
1Opinion of the Court
WOOD, Chief Judge.
GreatBanc is the fiduciary for an employee stock ownership plan (“the Plan”) for employees of Personal-Touch, a home-health-care company. In that role, it facilitated a transaction in which the Plan purchased a number of shares in the company with a loan from the company itself. Unfortunately, the shares turned out to be worth much less than the Plan paid, leaving the Plan with no valuable assets and heavily indebted to the company’s principal shareholders. The Plan’s participants, all employees of Personal Touch, wound up being on the hook for interest payments on the loan.…
2Cases cited19 opinions
- Ashcroft v. IqbalSupreme Court of the United States · 2009
- Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
- Gomez v. ToledoSupreme Court of the United States · 1980
- Michael Alexander v. United StatesCourt of Appeals for the Seventh Circuit · 2013
- Braden v. Wal-Mart Stores, Inc.Court of Appeals for the Eighth Circuit · 2009
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3Cited by116 opinions
- Innova Hosp. San Antonio, Ltd. v. Blue Cross & Blue Shield of Ga., Inc.Court of Appeals for the Fifth Circuit · 2018
- Jennifer Sweda v. University of PennsylvaniaCourt of Appeals for the Third Circuit · 2019
- Laura Divane v. Northwestern UniversityCourt of Appeals for the Seventh Circuit · 2020
- Andrew Albert v. Oshkosh CorporationCourt of Appeals for the Seventh Circuit · 2022
- Teets v. Great-West Life & Annuity Ins. Co.Court of Appeals for the Tenth Circuit · 2019
111 more not listed; retrieve them via the Exa API.