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FRIEND v. SANWA BANK CALIFORNIA

No. 92-55641.

35 F.3d 466 (1994)

Carson FRIEND; Collene Friend; Brad Friend; Trav Friend; Carson Lighting, Inc.; Carson Lighting, Defined Benefit Pension Plan, Plaintiffs-Appellants, v. SANWA BANK CALIFORNIA, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided September 13, 1994.

Attorney(s) appearing for the Case

Aaron P. Morris, Good, Wildman, Hegness & Walley, Newport Beach, CA, for plaintiffs-appellants.

Angel Gomez, III, and Anthony J. Oncidi, Hill, Wynne, Troop & Meisinger, Los Angeles, CA, for defendant-appellee.

Before: PREGERSON, O'SCANNLAIN, and FERNANDEZ, Circuit Judges.

O'SCANNLAIN, Circuit Judge:

Does a bank violate federal law when it serves, at the same time, as trustee of a pension plan and creditor of a company whose stock is held as a plan trust asset?

I

Carson Friend was the sole trustee of the Carson Lighting, Inc. Profit Sharing and Pension Plans ("Plans") until 1990. He was the sole beneficiary of the profit sharing provisions. He and his family were the beneficiaries...

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