BLUE CROSS BLUE SHIELD v. WELLS FARGO BANK, N.A.

No. 14-3457.

816 F.3d 1044 (2016)

BLUE CROSS BLUE SHIELD OF MINNESOTA, as Administrator of the Blue Cross Blue Shield of Minnesota Pension Equity Plan; Supplemental Benefit Committee of the International Truck and Engine Corp. Retiree Supplemental Benefit Trust, as Administrator of the International Truck and Engine Corp. Retiree Supplemental Benefit Trust; Meijer, Inc., as Administrator of the Meijer OMP Pension Plan and Meijer Hourly Pension Plan, Participants in the Meijer Master Pension Trust; Nebraska Methodist Health System, Inc., on Behalf of Itself, and as Administrator of the Nebraska Methodist Hospital Foundation, the Nebraska Methodist Health System Retirement Account Plan, and the Jennie Edmundson Memorial Hospital Employee Retirement Plan; Administrative Committee of the Joint Hospitals Pension Board, as Administrator of the Twin City Hospitals Pension Plan for Licensed Practical Nurses; The Board of Trustees of the Chicago Area Joint Welfare Committee for the Pointing, Cleaning and Caulking Industry Local 52, as Administrator for the Chicago area Joint Welfare Committee for the Pointing, Cleaning and Caulking Industry Local 52; The Twin City Hospitals-Minnesota Nurses Association Pension Plan Committee, as Administrator of the Twin City Hospitals-Minnesota Nurses Association Pension Plan; The Board of Trustees of the Tuckpointers Local 52 Pension Trust Fund, as Administrator of the Tuckpointers Local 52 Pension Trust Fund, Plaintiffs-Appellants. CentraCare Health System, on Behalf of Itself and the Sisters of the Order of Saint Benedict Retirement Plan; Jerome Foundation; North Memorial Health Care, on Behalf of Itself and as Administrator of the North Memorial Health Care Pension Plan; The Order of Saint Benedict, as the St. John's University Endowment and the St. John's Abbey Endowment; The El Paso County Retirement Plan, Plaintiffs v. WELLS FARGO BANK, N.A., Defendant-Appellee.

United States Court of Appeals, Eighth Circuit.

Filed: March 22, 2016.


Attorney(s) appearing for the Case

Munir Meghjee , argued, Michael V. Ciresi , Mathew R. Korte , and Katherine S. Barrett Wiik , on the brief, Minneapolis, MN, for Plaintiffs-Appellants.

David Fulton Herr , argued, Daniel Millea , Lindsey Davis , Rory D. Zamansky , and Jesse Mondry , on the brief, Minneapolis, MN, for Defendant-Appellee.

Before RILEY, Chief Judge, SMITH and SHEPHERD, Circuit Judges.


Appellants ("ERISA Plaintiffs") are administrators of Employee Benefit Plans governed by Employees Retirement Income Security Act ("ERISA"), 29 U.S.C. § 1001 et seq., who entered into securities lending agreements with Wells Fargo Bank ("Wells Fargo"). ERISA Plaintiffs are seeking to reverse the district court...

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