Maniace v. Commerce Bank of Kansas City, N.A.
Court of Appeals for the Eighth Circuit
1Opinion of the Court
BOGUE, Senior District Judge.
Participants in employee stock ownership plan appeal the district court’s1 order dismissing their claims upon summary judgment in favor of trustee Commerce Bank of Kansas City. For the reasons stated below, we affirm.
BACKGROUND
In 1979, the Juvenile Shoe Company (JSC) converted its existing profit-sharing plan into an employee stock ownership plan (ESOP). To form the ESOP, JSC executed two separate documents: The Employee Stock Ownership Plan and the Employee Stock Ownership Plan Trust (“Plan” and “Trust”). Under the Plan, the JSC Board of Directors was to appoint…
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