Summers v. State Street Bank and Trust Co.

MEMORANDUM OPINION AND ORDER

BUCKLO, District Judge.

In July, 1994 United Airlines (UAL Corporation, “United” or “UAL”) became a majority employee owned company. Plaintiffs, two pilots and a mechanic, have brought this class action on behalf of all participants in the UAL Stock Ownership Plan (“UAL ESOP”), the UAL Corporation Supplemental Employee Stock Ownership Plan (“UAL Supplemental ESOP”) (together the “ESOP”), and the trusts created in connection with the formation of the Plans, alleging that the ERISA fiduciary, State Street Bank and Trust Company, violated its fiduciary duties under…