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BROCK v. CITIZENS BANK OF CLOVIS

Nos. 86-1288, 86-1342.

841 F.2d 344 (1988)

William E. BROCK, Secretary of the United States Department of Labor, Plaintiff-Appellee, Cross-Appellant, v. CITIZENS BANK OF CLOVIS; Jeff Jacobs; Lynell G. Skarda; Oscar Toliver; and T.E. Willmon, Jr., Defendants-Appellants, Cross-Appellees.

United States Court of Appeals, Tenth Circuit.

Rehearing Denied April 14, 1988.

Attorney(s) appearing for the Case

Larry D. Newsome (George R. Salem, Robert N. Eccles, and Louis L. Joseph, Washington, D.C.; and William L. Lutz, U.S. Atty., and Ronald F. Ross, Asst. U.S. Atty., Albuquerque, N.M., with him on the brief), U.S. Dept. of Labor, Washington, D.C., for plaintiff-appellee, cross-appellant.

Charles C. Spann of Spann, Latimer & Hollowwa, Albuquerque, N.M., for defendants-appellants, cross-appellees.

Before MOORE and BARRETT, Circuit Judges, and ANDERSON, District Judge.

JOHN P. MOORE, Circuit Judge.

This appeal presents several questions applying the Employee Retirement and Income Security Act (ERISA) to specific transactions involving the Citizens Bank of Clovis Pension Plan. The district court held that Citizens Bank of Clovis (Bank) and the trustees of the Bank's plan violated the diversification requirement and the prohibition against party-in-interest transactions contained in ERISA. The defendant Bank and the trustees appeal...

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