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FIRSTIER BANK, N.A. v. ZELLER

No. 92-3595.

16 F.3d 907 (1994)

FIRSTIER BANK, N.A., Omaha, As Trustee of the Profit Sharing Plan and Employees Trust of Land Paving Company, Plaintiff-Appellee, v. James R. ZELLER; Patricia A. Olsen, Individually and as Personal Representative of the Estate of Duane H. Olsen; James E. Lonergan; Bryan Vercoe, Defendants-Third Party Plaintiffs-Appellants. LAND PAVING COMPANY; Anthony E. Dombrowski; Frank Bosanek; Eugene H. Hess; Richard J. O'Konsky; Profit Sharing Plan and Employees Trust of Land Paving Company, Defendants, v. George N. SILENCE; Management Consultant Services, Inc., Third Party Defendants-Appellees, and James E. Bachman, Appellant.

United States Court of Appeals, Eighth Circuit.

Decided February 16, 1994.

Rehearing and Suggestion for Rehearing Denied April 18, 1994.

Attorney(s) appearing for the Case

Counsel who presented argument on behalf of the appellant was James Bachman, Omaha, NE; additional attorney appearing on the brief was Paul R. Elofson.

Counsel who presented argument on behalf of the appellee was William J. Riley, Omaha, NE; additional attorneys appearing on the briefs were Daniel J. Wintz and D.C. Bradford.

Before FAGG, BOWMAN, and LOKEN, Circuit Judges.

Rehearing and Suggestion for Rehearing En Banc Denied April 18, 1994.

LOKEN, Circuit Judge.

This appeal requires us to define the fiduciary duties of an ERISA1 plan trustee in carrying out an employer's direction to make loans to plan participants that are exempt from some ERISA prohibitions under 29 U.S.C. § 1108(b)(1). We agree with the district court2 that the trustee retains certain fiduciary...

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