Tullis v. UMB Bank, N.A.

OPINION

MERRITT, Circuit Judge.

I

This appeal raises the question of whether two physicians can sue to recover losses from a bank that allegedly failed to notify them of fraudulent activities affecting their ERISA-governed pension plans. The District Court for the Northern District of Ohio held that the two physicians did not have standing to bring their breach of fiduciary duty claims under ERISA because they sought individual damages— and not, as it deemed necessary, damages for the plan as a whole — from the defendant bank. Additionally, the plaintiffs argue in this appeal that an indemnity…