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ALLEN v. GREATBANC TRUST CO.

No. 15-3569.

835 F.3d 670 (2016)

Lisa ALLEN and Misty Dalton, Plaintiffs-Appellants, v. GREATBANC TRUST CO., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 25, 2016.

Attorney(s) appearing for the Case

Tillman J. Breckenridge , Gregory Y. Porter , Ryan T. Jenny , Attorneys, Bailey & Glasser LLP, Washington, DC, for Plaintiff-Appellant.

Theodore M. Becker , Julie A. Govreau , Attorneys, Drinker Biddle & Reath, LLP, Chicago, IL, for Defendant-Appellee.

Jeffrey Hahn , Attorney, Department of Labor, Plan Benefits Security Division, Washington, DC, for Amicus Curiae.

Before Wood, Chief Judge, and Flaum and Williams, Circuit Judges.

GreatBanc is the fiduciary for an employee stock ownership plan ("the Plan") for employees of Personal-Touch, a home-health-care company. In that role, it facilitated a transaction in which the Plan purchased a number of shares in the company with a loan from the company itself. Unfortunately, the shares turned out to be worth...

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