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HERMAN v. SOUTH CAROLINA NAT. BANK

Nos. 97-6058, 97-6154.

140 F.3d 1413 (1998)

Alexis HERMAN, Secretary of the United States Department of Labor, Plaintiff-Appellant, v. SOUTH CAROLINA NATIONAL BANK; William A. Fickling, Jr., et al., Defendants-Appellees. Frances J. KNOP; et al., Plaintiffs, v. CHARTER MEDICAL CORPORATION, et al., Defendants. SOUTH CAROLINA NATIONAL BANK, Defendant-Third Party Plaintiff-Appellee, v. Alexis HERMAN, Secretary of the United States Department of Labor, et al., Third Party Defendants-Appellants. SOUTH CAROLINA NATIONAL BANK, Plaintiff-Appellee, William A. Fickling, Jr., et al., Intervenor-Plaintiffs-Appellees, v. Alexis HERMAN, Secretary of the United States Department of Labor, et al., Defendants-Appellants.

United States Court of Appeals, Eleventh Circuit.

May 15, 1998.

Attorney(s) appearing for the Case

Timothy Hauser, Michael Schloss, U.S. Dept. of Labor, Washington, DC, for Herman.

Michael R. Pennington, James S. Christie, Jr., Birmingham, AL, Robert P. Gallagher, Thomas S. Gigot, Groom & Nordberg, Chd., Washington, DC, for South Carolina Nat. Bank and Bank South of Macon.

Richard L. Shackelford, Atlanta, GA, William J. Kilberg, Paul Blankenstein, Derry Dean Sparlin, Jr., Thomas G. Hungar, Gloria K. Bowden, Washington, DC, for the Ficklings.

Theodore A. Boundas, Peter F. Lovato, III, Priscilla A. May, Peterson & Ross, Chicago, IL, James A. Skarzynski, Peterson & Ross, New York City, for Amicus: American Cas. Co. of Reading, PA, Admiral Ins., et al.

Sara E. Hauptfuehrer, Paul J. Ondrasik, Jr., Steptoe & Johnson, LLP, Washington, DC, for Amicus: Assoc. of Private Pension & Welfare Plans.

Philip C. Cook, Atlanta, GA, for C&S.

Before EDMONDSON and HULL, Circuit Judges, and CLARK, Senior Circuit Judge.

HULL, Circuit Judge:

These three consolidated cases concern an ERISA trustee's paying $80 million from the assets of an employee stock ownership plan to purchase allegedly worthless stock from a closely held corporation's owner, his relatives, and related entities. Claiming ERISA expressly prohibits this stock purchase, the Secretary of Labor appeals the district court's grant of summary judgment to the plan's trustee and the stock sellers.1

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