TEXAS LIFE v. GAYLORD ENTERTAINMENT CO.

No. 95-50860.

105 F.3d 210 (1997)

TEXAS LIFE, ACCIDENT, HEALTH & HOSPITAL SERVICE INSURANCE GUARANTY ASSOCIATION, Plaintiff-Appellant, v. GAYLORD ENTERTAINMENT COMPANY, formerly known as Oklahoma Publishing Company, et al., Defendants, Gaylord Entertainment Company, formerly known as Oklahoma Publishing Company, et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

January 24, 1997.


Attorney(s) appearing for the Case

R. James George, Jr., George, Donaldson & Ford, Austin, TX, Patricia Gail Montgomery, Sneed, Vine & Perry, Austin, TX, for Plaintiff-Appellant.

Edward P. Perrin, Jr., Crouch & Hallett, Dallas, TX, Cole B. Ramey, Dallas, TX, for Gaylord Entertainment Co., C.R. Richardson, Baylor College of Medicine, Tuboscope, Inc., Maser, Club Corp. Intern., Dickenson, Johnson, Gray, Curtis Mathison Scientific, Inc., Oklahoma Pub. Co. and ICL, Inc.

Paul D. Schoonover, Vial, Hamilton, Koch & Knox, Dallas, TX, for Gaylord Entertainment Co., Sperry Marine, Inc., and Oklahoma Pub. Co.

B.D. Daniel, Pravel, Hewitt, Kimball & Krieger, Houston, TX, for Nationsbank of Texas, NA, Nationsbank/Houston and Nationsbank of Texas, N.A. Dallas.

Jeffrey D. Roberts, Roberts, Markel & Folger, Houston, TX, for Defendant-Appellee British Gas Exploration & Production, Inc., Individually and as Plan Sponsor for British Gas Exploration & Production, Inc. Savings & Investment Plan.

Tom Reeder, Paul, Hastings, Janofsky and Walker, Washington, DC, for Defendants-Appellees British Gas Exploration & Production, Inc. and American Nukem Corp.

Harold D. Rogers, Wichita Falls, TX, for Defendants-Appellees McAlvain and Cool Temp Awning & Siding Co., Individually and as Plan Sponsor for Cool Temp Awning & Siding Co. Profit Sharing Plan.

Barbara D. Linney, Simon, Turnbull & Martin, Chartered, Washington, DC, for Sperry Marine, Inc.

Claudia Wilson Frost, Baker & Botts, Houston, TX, for Defendants-Appellees CSC Credit Services, Inc. and Russell.

David L. Orr, Kuperman, Orr, Mouer and Albers, Austin, TX, for Defendants-Appellees National City Bank and Marathon Oil Co.

Brenda E. Brockner, Hughes & Luce, Austin, TX, for Defendant-Appellee National Bank of Detroit, Individually and as trustee for all participants and beneficiaries of Exide Salaried Retirement Plan.

Larry Gabriel, Pachulski, Stang, Ziehl & Young, Los Angeles, CA, for Defendant-Appellee Vanguard Fiduciary Trust Company, Individually and as trustee for all participants and beneficiaries of Electronic Data Systems Deferred Compensation Plan.

Laurence Z. Shiekman, Joann Hyle, Pepper, Hamilton & Scheetz, Philadelphia, PA, for Defendants-Appellees Mellon Bank, N.A., Unisys Corp., Board of Directors of Unisys Corp., Riesenfeld, Loughlin and Unruh.

Margaret C. Lumsden, Michael L. Unti, Hunton & Williams, Raleigh, NC, Patricia Gail Montgomery, Sneed, Vine & Perry, Austin, TX, for Amicus Curiae The North Carolina Life and Accident and Health Insurance Guaranty Association.

Stephen H. Goldberg, James F. Jorden, Jerome V. Bolkcom, Jorden, Burt, Berenson & Johnson, Washington, DC, Anthony B. Buonaguro, John F. Del Campo, Herndon, VA, for Amicus Curiae National Organization of Life & Health Insurance Guar. Associations.

Marcia E. Bove, United States Department of Labor, Office of the Solicitor, Washington, DC, for Amicus Curiae Secretary of Labor.

Before REYNALDO G. GARZA, JOLLY and DeMOSS, Circuit Judges.


DeMOSS, Circuit Judge:

A state insurance guaranty association brought suit against ERISA1 plan administrators for breach of fiduciary duty, alleging that the plan administrators imprudently bought investments from a failing insurance company. We hold that a guaranty association which receives a valid assignment of an ERISA fiduciary breach claim from a plan administrator can have derivative standing to bring the action. However, we also...

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