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SISKIND v. SPERRY RETIREMENT PROGRAM, UNISYS

No. 336, Docket 94-7120.

47 F.3d 498 (1995)

Philip SISKIND, et al., Plaintiffs-Appellees, v. The SPERRY RETIREMENT PROGRAM, UNISYS, formerly known as Burroughs/Sperry Corporation, the Sperry Corporation Employee Benefits Executive Committee, as fiduciaries of the Sperry Retirement Program, and as successors and Unisys Pension Plan, and its named fiduciaries, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided February 6, 1995.

Attorney(s) appearing for the Case

Francis M. Milone, Philadelphia, PA (Robert J. Lichtenstein, Joseph J. Costello, Morgan, Lewis & Bockius, Philadelphia, PA, Henry Rose, Epstein, Becker & Green, P.C., Washington, DC; Joseph A. Teklits, UNISYS Corporation, Blue Bell, PA, all of counsel), for defendants-appellants.

Sarah E. Siskind, Madison, WI (Davis, Miner, Barnhill & Galland, P.C., of counsel), for plaintiffs-appellees.

Before: NEWMAN, Chief Judge, KEARSE and CARDAMONE, Circuit Judges.

CARDAMONE, Circuit Judge:

This appeal compels us to revisit an area of ERISA law that involves the fiduciary duties of trustees administering a single employer pension plan. When such trustees hold corporate offices it may appear that they are placed in a position of divided loyalty: they are obliged to act, on the one hand, for the plan's members, so as to secure and make certain that benefits will be available to them and, on the other hand, for the employer, so...

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