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  5. 957 F.2d 588 (1992)
 

CONTINENTAL ASSUR. v. CEDAR RAPIDS PEDIATRIC CL.

Nos. 90-1891, 90-1892, 90-1894, 90-1956, 90-1957 and 90-2094.

957 F.2d 588 (1992)

CONTINENTAL ASSURANCE COMPANY, Appellee, v. CEDAR RAPIDS PEDIATRIC CLINIC, et al., Appellants. v. CEDAR RAPIDS PEDIATRIC CLINIC EMPLOYEES PENSION PLAN AND TRUST, et al., Appellants, v. CONTINENTAL ASSURANCE COMPANY, Appellee. CITY LUMBER COMPANY, INC., et al., Appellees, v. CONTINENTAL ASSURANCE COMPANY, Appellant. CONTINENTAL ASSURANCE COMPANY, Appellant, v. CEDAR RAPIDS PEDIATRIC CLINIC, et al., Appellees. CONTINENTAL ASSURANCE COMPANY, Appellee, v. Dr. Bob E. HALL, et al., Appellants. CONTINENTAL ASSURANCE COMPANY, Appellee, v. Robert T. LANE, et al., Appellants.

United States Court of Appeals, Eighth Circuit.

Decided February 25, 1992.

Attorney(s) appearing for the Case

Ronald E. Bumpass, Fayetteville, Ark., argued, for appellants.

Gary M. Elden, Chicago, Ill., argued (Gary M. Elden, Darrell J. Graham and Marc S. Lauerman, on the brief), for appellee.

Before McMILLIAN, Circuit Judge, PECK, Senior Circuit Judge, and WOLLMAN, Circuit Judge.

McMILLIAN, Circuit Judge.

William Morton, who is not a party to any of these cases, was an insurance agent and a pension plan administrator. Morton sold many split-funded insurance contracts to pension plans, which provided insurance and also permitted deposits to "side accounts" for investment purposes. Continental Assurance Co. (CAC) issued one such contract, entitled GP-9395, to "William Morton as Agent for Certain Qualified Plans." This plan was designed to allow...

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