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SUMMERS v. STATE STREET BANK & TRUST CO.

Nos. 05-4005, 05-4317.

453 F.3d 404 (2006)

Jerry SUMMERS, et al., individually and on behalf of all others similarly situated, Plaintiffs-Appellants, Cross-Appellees, v. STATE STREET BANK & TRUST COMPANY, Defendant-Appellee, Cross-Appellant, and UAL Corporation ESOP Committee, et al., Defendants, Cross-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 28, 2006.

Attorney(s) appearing for the Case

Steve W. Berman (argued), Hagens, Berman, Sobol, Shapiro, Seattle, WA, for Plaintiffs-Appellants in 05-4005.

Steve W. Berman (argued), Hagens, Berman, Sobol, Shapiro, Seattle, WA, Elizabeth A. Fegan, Hagens, Berman, Sobol, Shapiro, Chicago, IL, for Plaintiffs-Appellants in 05-4317.

Rene E. Thorne (argued), Schiff Hardin LLP, Chicago, IL, for Defendants-Appellees UAL Corp. ESOP Committee, Marty Torres, Barry Wilson and Craig Musa in 05-4005.

Randall J. Sunshine (argued), Liner, Yankelevitz, Sunshine & Regenstreif, Los Angeles, CA, Ronald S. Kravitz (argued), Liner, Yankelevitz, Sunshine & Regenstreif, San Francisco, CA, for Defendant-Appellee State Street Bank and Trust.

Before POSNER, WOOD, and EVANS, Circuit Judges.

POSNER, Circuit Judge.

At the end of 2002, when United Air Lines declared bankruptcy, its employees (both active and retired) owned more than half the airline's common stock through an ESOP (employee stock ownership plan). In re UAL Corp., 412 F.3d 775, 777 (7th Cir.2005). ESOPs are subject to ERISA, the federal pension law, 29 U.S.C. §§ 1104(a)(2), 1107(b), (d)(6); Armstrong v. LaSalle Bank National Ass'n,

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