AKERS v. PALMER

Nos. 94-5740, 94-5743.

71 F.3d 226 (1995)

Ernest L. AKERS, et al., Plaintiffs-Appellants, v. Valfrid E. PALMER; Alco Gravure Industries, Inc., et al., Defendants, Donald H. McKinnon, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided December 11, 1995.


Attorney(s) appearing for the Case

T. H. Freeland, IV (argued and briefed), T. H. Freeland, III, Freeland & Freeland, Oxford, MS, for plaintiff-appellant.

Robert M. Glover, Memphis, TN, Kathleen M. Kundar (argued and briefed), Fox & Horan, New York City, Alan Kanzer, Walter, Conston, Alexander & Green, New York City, for defendants-appellees.

Before: LIVELY, RYAN, and SILER, Circuit Judges.


RYAN, Circuit Judge.

This is a consolidated appeal of two cases brought under the fiduciary provisions of the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1104 and 1106(b) (ERISA). Plaintiffs challenged certain corporate board actions leading to the creation and initial funding of an Employee Stock Ownership Plan (ESOP) for the benefit of the employees of Alco Gravure, Inc. (Alco). Plaintiffs claimed that Alco's founding board members engaged...

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