Fish v. GreatBanc Trust Co.

Federal 7th Circuit Court
Civil Court
Citation
Case Number: 
No. 12-3330
Decision Date: 
May 14, 2014
Federal District: 
N.D. Ill., E. Div.
Holding: 
Reversed and remanded
Dist. Ct. erred in granting on limitations grounds defendants’ motion for summary judgment in ERISA action alleging that defendants-Plan trustee and fiduciaries breached fiduciary duty owed to plaintiffs(employees in employee stock ownership plan) arising out of defendants’ involvement in company stock buy-out plan that ultimately left plaintiffs’ stock in said company worthless. Although defendants argued that plaintiffs’ knowledge of substantive terms of buy-out plan triggered applicable three-year limitation period so as to render instant lawsuit untimely, Ct. found that instant lawsuit was timely, where limitations period was not triggered until plaintiffs had knowledge of processes used by defendants to evaluate, negotiate and ultimately approve agreement not to sell off employees’ stock in ill-fated buy-out plan.