IN RE UNISYS SAV. PLAN LITIGATION

Nos. 95-1156, 95-1157 and 95-1186.

74 F.3d 420 (1996)

In re UNISYS SAVINGS PLAN LITIGATION John P. MEINHARDT, on behalf of himself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03067) Michael HECK; Joseph McCarthy; Angelo DiPietro, on behalf of themselves and all others similarly situated v. UNISYS CORPORATION; The Administrative Committee of the Unisys Savings Plan; The Investment Committee of the Unisys Savings Plan; Jack A. Blaine; John J. Loughlin; Kenneth Miller; David A. White; Stefan Riesenfeld (D.C.Civil No. 91-cv-03276) Gary VALA, individually and on behalf of all others similarly situated v. Jack A. BLAINE; Michael R. Losey; Kenneth L. Miller; Stefan C. Riesenfeld; Curtis A. Hessler; David A. White; Unisys Corporation; The Northern Trust Company (D.C.Civil No. 91-03278) Carolyn A. GOHLIKE, on behalf of herself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03321) Dennis C. STANGA; James M. Collins, on behalf of themselves and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-04689) John H. BURGESS, Jr., on behalf of himself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-04696) John P. Meinhardt, Michael Heck, Joseph McCarthy, Angelo DiPietro, Gary Vala, Carolyn Gohlike, Dennis C. Stanga, James M. Collins and John H. Burgess, Jr., Appellants in No. 95-1156 In re UNISYS SAVINGS PLAN LITIGATION John P. MEINHARDT, on behalf of himself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03067) Bernard McDEVITT, on behalf of himself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03126) Parker C. KEAN, on behalf of himself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03164) Nadia F. SOS; Farouk M. Sos, individually and on behalf of all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03582) Kenneth GOERS; John J. Cieslicki, on behalf of themselves and all others similarly situated v. UNISYS CORPORATION; The Northern Trust Company (D.C.Civil No. 91-cv-04678) William TORKILDSON v. UNISYS CORPORATION (D.C.Civil No. 91-cv-04754) Bernard McDevitt, Parker Kean, Nadia F. Sos, Farouk M. Sos, Kenneth Goers, John J. Cieslicki and William Torkildson, Appellants in No. 95-1157. In re UNISYS SAVINGS PLAN LITIGATION John P. MEINHARDT, on behalf of himself and all others similarly situated v. UNISYS CORPORATION (D.C.Civil No. 91-cv-03067) Henry ZYLLA; Richard Silver; Ronald Grippo; Edward Lawler; Richard Andujar; Clarence Muller; Charles Wahler; James McLaughlin; Donald Rader; Joseph Lau; James Gangale; Alfred Contarino; Richard Colby; John Marcucci; Joseph Fiore; Richard Mastrodomenico; Nick Klemenz; Peter Szczybek, on behalf of themselves and all others similarly situated; Engineers Union Local 444 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Locals 445 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Locals 450 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Locals 470 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Locals 165 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Local 3, International Brotherhood of Electrical Workers, A.F.L.-C.I.O. v. UNISYS CORPORATION; Edwin P. Gilbert; John J. Loughlin; Thomas Penhale, individually and in their capacities as members of the Unisys Employee Benefits Executive Committee and administrators of the Unisys Retirement Investment Plan; Richard H. Bierly; Curtis A. Hessler; Leon J. Level; Kenneth L. Miller; David A. White; Jack A. Blaine; Stefan C. Riesenfeld; George T. Robson, individually and in their capacities as members of the Investment Committee of the Unisys Retirement Investment Plan (D.C. Civil No. 91-cv-03772) Henry Zylla, Richard Silver, Ronald Grippo, Edward Lawler, Richard Andujar, Clarence Muller, Charles Wahler, James McLaughlin, Donald Rader, Joseph Lau, James Gangale, Alfred Contarino, Richard Colby, John Marcucci, Joseph Fiore, Richard Mastrodomenico, Nick Klemenz and Peter Szczybek, individually and on behalf of the class certified, Appellants in No. 95-1186.

United States Court of Appeals, Third Circuit.

Decided January 4, 1996.

Sur Petition for Rehearing February 6, 1996.


Attorney(s) appearing for the Case

James R. Malone, Jr. (Argued), Michael D. Gottsch, Chimicles, Jacobsen & Tikellis, Haverford, PA, Joel C. Meredith, Daniel B. Allanoff, Meredith, Cohen & Greenfogel, Philadelphia, PA, James I. Wasserman, Julian R. Birnbaum, Vladeck, Waldman, Elias & Engelhard, New York City, for Appellants: John M. Meinhardt, Michael Heck, Joseph McCarthy, Angelo R. DiPietro, Gary Vala, Carolyn Gohlike, Dennis C. Stanga, James M. Collins, John H. Burgess, Jr., Bernard McDevitt, Parker Kean, Nadia F. Sos, Farouk M. Sos, Kenneth Goers, John J. Cieslicki, William Torkildson, Henry Zylla, Richard Silver, Ronald Grippo, Edward Lawler, Richard Andujar, Clarence Muller, Charles Wahler, James R. McLaughlin, Donald Rader, Joseph Lau, James Gangale, Alfred Contarino, Richard Colby, John Marcucci, Joseph A. Fiore, Richard Mastrodomenico, Nick Klemenz, Peter Szczybek.

Laurence Z. Shiekman (Argued), Pepper, Hamilton & Scheetz, Philadelphia, PA, Joseph A. Teklits, Unisys Corporation, Blue Bell, PA, for Appellees: Unisys Corporation, Administrative Committee of the Unisys Savings Plan, Investment Committee of the Unisys Savings Plan, Jack A. Blaine, John J. Loughlin, Kenneth L. Miller, David A. White, Stefan C. Riesenfeld, Michael R. Losey, Curtis A. Hessler, Edwin P. Gilbert, Thomas Penhale, individually and in their capacities as Benefits Executive Committee and administrators of the Unisys Retirement Investment Plan; Richard H. Bierly, Curtis A. Hessler, Leon J. Level, George T. Robson.

Marcia E. Bove, United States Department of Labor, Washington, DC, for Amicus-appellant Secretary of Labor.

Mary Ellen Signorille, American Association of Retired Persons, Washington, DC, for Amicus-appellant American Association of Retired Persons.

Robert N. Eccles, Karen M. Wahle, O'Melveny & Myers, Washington, DC, for Amicus-appellees: ERISA Industry Committee, American Standard Inc., Bethlehem Steel Corp., Merck & Co., Inc., Rockwell International Corp., Scott Paper Company, and USX Corporation.

Before: MANSMANN, SCIRICA and NYGAARD, Circuit Judges.


OPINION OF THE COURT

MANSMANN, Circuit Judge.

This consolidated class action is brought pursuant to the Employee Retirement Income Security Act of 1974, ("ERISA"), 29 U.S.C. § 1001 et seq. (1985 & Supp.1995), and arises out of the collapse in 1991 of the Executive Life Insurance Company of California. The plaintiffs, participants in individual account pension plans that Unisys Corporation maintained for its employees, alleged, inter alia...

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