Cosgrove v. Circle K Corp.

ORDER

ROLL, District Judge.

This is an action brought by Thomas Cos-grove as representative of the Fred Hervey Interests Employees’ Benefit Plan (“the Plan”), a retirement plan sponsored by Circle K, under the Employee Retirement Income Security Act of 1974 (“ERISA”).

Circle K froze the Plan and in 1986 purchased certain of its assets, consisting of 91 stores which the Plan owned or in which it had an interest. Circle K then terminated the Plan and distributed its assets to Plan participants. Plaintiffs maintain that (1) Circle K’s acquisition of these stores constituted a prohibited transaction…