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SHULL v. STATE MACHINERY EMP. PROFIT SHARING PLAN

No. 87-1228.

836 F.2d 306 (1987)

O.W. SHULL, Plaintiff-Appellant, v. STATE MACHINERY COMPANY, INC. EMPLOYEES PROFIT SHARING PLAN, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided December 18, 1987.

Attorney(s) appearing for the Case

Jerry Williams, Williams, Taylor & Schmits, Indianapolis, for plaintiff-appellant.

Jim A. O'Neal, Ice, Miller, Donadio & Ryan, Indianapolis, for defendants-appellees.

Before BAUER, Chief Judge, and POSNER and EASTERBROOK, Circuit Judges.

POSNER, Circuit Judge.

This suit under the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq., charges that the trustees of a profit-sharing plan committed a breach of trust by deducting the principal of a loan that they had made to a participant in the plan from the participant's benefits when they distributed those benefits to him upon his departure from the company. The loan was not yet due; the trustees accelerated the...

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