Legal Opinion
Carson Friend Collene Friend Brad Friend Trav Friend Carson Lighting, Inc. Carson Lighting, Defined Benefit Pension Plan v. Sanwa Bank California
Court of Appeals for the Ninth Circuit
Decided September 13, 1994No. 92-55641PublishedCited by 36 opinions
1Opinion of the Court
O’SCANNLAIN, Circuit Judge:
Does a bank violate federal law when it serves, at the same time, as trustee of a pension plan and creditor of a company whose stock is held as a plan trust asset?
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Carson Friend was the sole trustee of the Carson Lighting, Inc. Profit Sharing and Pension Plans (“Plans”) until 1990. He was the sole beneficiary of the profit sharing provisions. He and his family were the beneficiaries of the pension provisions.
For at least ten years, until 1991, the Plans invested $796,000 in unsecured promissory notes issued by Supreme Finance, Inc. (“Supreme”), a corporation that…
2Cases cited7 opinions
- Fentron Industries, Inc. v. The National Shopmen Pension FundCourt of Appeals for the Ninth Circuit · 1982
- Donovan v. BierwirthCourt of Appeals for the Second Circuit · 1982
- Donovan v. MazzolaCourt of Appeals for the Ninth Circuit · 1983
- Brock v. Citizens Bank of ClovisCourt of Appeals for the Tenth Circuit · 1988
- Cunha v. Ward Foods, Inc.Court of Appeals for the Ninth Circuit · 1986
2 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- 21 Employee Benefits Cas. 2761, Pens. Plan Guide (Cch) P 23941u David W. Silverman, as Independent Fiduciary of the Unitron Graphics, Inc. Profit Sharing Trust and Unitron Graphics, Inc. Profit Sharing Trust-Union and Non-Union Division v. Mutual Benefit Life Insurance Company, Principal Mutual Life Insurance Company and Helene Gorny, Jacob Zucker and Aaron FertigCourt of Appeals for the Second Circuit · 1998
- Jeffrey Ream v. Jeffrey E. Frey Fulton Bank Laurie L. Frey Fulton BankCourt of Appeals for the Third Circuit · 1997
- Plasterers' Local Union No. 96 Pension Plan v. PepperCourt of Appeals for the Fourth Circuit · 2011
- Tibble v. Edison InternationalDistrict Court, C.D. California · 2009
- Shaver v. Operating Engineers Local 428 Pension Trust FundCourt of Appeals for the Ninth Circuit · 2003
31 more not listed; retrieve them via the Exa API.