Debra K. Keach and Patricia A. Sage v. U.S. Trust Company, Formerly Known as U.S. Trust Company of California N.A.
Court of Appeals for the Seventh Circuit
1Opinion of the Court
RIPPLE, Circuit Judge.
Debra Reach and Patricia Sage, participants in the Foster & Gallagher, Inc. Employee Stock Ownership Plan (“ESOP”), filed this action against U.S. Trust Company, N.A. (“U.S.Trust”) and others for alleged violations of the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., in connection with the ESOP’s December 20, 1995 purchase of shares of Foster & Gallagher, Inc. (“F & G”) stock from the defendant F & G officers and directors. The district court conducted a fourteen-day bench trial and then entered judgment in favor of U.S. Trust. Ms.…
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