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SCHWARTZ v. GORDON

No. 817, Docket 84-7941.

761 F.2d 864 (1985)

Jerome SCHWARTZ, as participant in Pension trust account number 2564-01 with First National Bank of Long Island, an employee benefit plan under the Employee Retirement Income Security Act, 29 U.S.C. § 1001, et seq., Plaintiff-Appellant, v. David GORDON, Shearson Loeb Rhoades, Inc. and First National Bank of Long Island, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided April 30, 1985.

Attorney(s) appearing for the Case

David O. Simon, New York City (Daniel J. Kornstein, Kornstein Veisz & Wexler, New York City, of counsel), for plaintiff-appellant.

Theodore A. Krebsbach, New York City (Harry D. Frisch, Shearson Lehman/American Express Inc., Law Dept., New York City, of counsel), for defendant-appellee Shearson Loeb Rhoades Inc.

Arthur C. Schupbach, Garden City, N.Y. (Redmond & Pollio, P.C., Garden City, N.Y., of counsel), for defendant-appellee First Nat. Bank of Long Island.

Francis X. Lilly, Sol. of Labor, U.S. Dept. of Labor, Washington, D.C. (Robert N. Eccles, Acting Associate Solicitor, Louis L. Joseph, Counsel for Gen. Litigation, Karen L. Handorf, Attorney, U.S. Dept. of Labor, Washington, D.C., of counsel), for amicus curiae Secretary of Labor.

Before MANSFIELD, NEWMAN and KEARSE, Circuit Judges.

MANSFIELD, Circuit Judge:

The principal question raised by this appeal is whether the fiduciary duties imposed by Title I of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §§ 1001-1461 (1982), apply to a "Keogh" retirement plan maintained by a self-employed individual who is the sole contributor to and beneficiary of the account. We hold that they do not.

Dr. Jerome Schwartz, a self-employed physician, appeals from orders...

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