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BROWN v. OWENS CORNING INV. REVIEW COMMITTEE

No. 09-3692.

622 F.3d 564 (2010)

Britton C. BROWN; Sandra K. Brown; Carol A. Lindhuber; Shirley J. Reed; John L. Delgado, for themselves and all others similarly situated, Plaintiffs-Appellants, v. OWENS CORNING INVESTMENT REVIEW COMMITTEE; Owens Corning Benefits Review Committee, Defendants, Owens Corning Savings and Security Plan; Owens Corning Savings Plan; Richard C. Tober; Domenico Cecere; Fidelity Management Trust Company; David Johns; Edward Mirra; Steven Stobel; Michael Thaman, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: September 27, 2010.

Attorney(s) appearing for the Case

ARGUED: Gregory Yann Porter , Bailey & Glasser, LLP, Washington, D.C., for Appellants. Erin E. Kelly , Sidley Austin LLP, Chicago, Illinois, Howard Shapiro , Proskauer Rose LLP, New Orleans, Louisiana, for Appellees. ON BRIEF: Gregory Yann Porter , Bailey & Glasser, LLP, Washington, D.C., Bryan T. Veis , McTigue & Veis LLP, Washington, D.C., for Appellants. Erin E. Kelly , Walter C. Carlson , John M. George, Jr. , Sidley Austin LLP, Chicago, Illinois, Howard Shapiro , Robert W. Rachal , Charles F. Seemann III , Proskauer Rose LLP, New Orleans, Louisiana, Edward A. Brill , Proskauer Rose LLP, New York, New York, Jennifer J. Dawson , Marshall & Melhorn LLC, Toledo, Ohio, William M. Connelly , Steven R. Smith , Janine T. Avila , Connelly, Jackson & Collier LLP, Toledo, Ohio, for Appellees.

GILMAN, J., delivered the opinion of the court, in which COLE, J., joined. WHITE, J. (pp. 576-79), delivered a separate opinion concurring in all sections except for Section II.C. and in the result of the majority opinion.

OPINION

RONALD LEE GILMAN, Circuit Judge.

A number of former Owens Corning (OC) employees (the Plaintiffs) brought a class-action lawsuit against the fiduciaries of their retirement plans pursuant to the Employee Retirement Income Security Act (ERISA), alleging that the fiduciaries failed to protect plan participants by not divesting the plans of OC stock before the shares became virtually worthless when the company filed for bankruptcy. The fiduciaries...

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