Benefits Committee of Saint-Gobain Corp. v. Key Trust Co.

Memorandum of Opinion and Order

GAUGHAN, District Judge.

INTRODUCTION

This matter is before the Court upon Plaintiffs’ Motion for Summary Judgment (Doc. 16) and Defendant’s and Counterclaim Plaintiffs Motion for Summary Judgment (Doc. 17). Plaintiffs bring this action pursuant to the Employee Retirement Income Security Act of 1974, as amended (hereafter “ERISA”), 29 U.S.C. § 1132(a)(3). 1 This case arises out of defendant’s refusal to use certain proceeds held in an employee stock ownership plan to repay loans made to the plan from the plan sponsor. Plaintiffs allege that defendant’s refusal…