PIONEER CENTRES HOLD. v. ALERUS FINANCIAL, N.A.

No. 15-1227.

858 F.3d 1324 (2017)

The PIONEER CENTRES HOLDING COMPANY EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST and its trustees, Matthew Brewer, Robert Jensen, and Susan Dukes, Plaintiffs-Appellants, v. ALERUS FINANCIAL, N.A., Defendant-Appellee.

United States Court of Appeals, Tenth Circuit.

Filed June 5, 2017.


Attorney(s) appearing for the Case

Bruce E. Rohde , Campbell Killin Brittan & Ray, LLC, Denver, Colorado, for Plaintiffs-Appellants.

Shannon Wells Stevenson ( Michael T. Kotlarczyk with her on the briefs), Davis Graham & Stubbs LLP, Denver, Colorado, for Defendant-Appellee.

Before BACHARACH, PHILLIPS, and McHUGH, Circuit Judges.


I. INTRODUCTION

The Pioneer Centres Holding Company Employee Stock Ownership Plan and Trust (the "Plan" or "ESOP") and its trustees sued Alerus Financial, N.A. (Alerus) for breach of fiduciary duty in connection with the failure of a proposed employee stock purchase. The...

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