ACOSTA v. CITY NATIONAL CORPORATION

No. 17-55421.

922 F.3d 880 (2019)

Alexander ACOSTA, Secretary of Labor, United States Department of Labor, Plaintiff-Appellee, v. CITY NATIONAL CORPORATION; City National Bank; City National Securities, Inc.; Marianne Lamutt; Christopher Carey; Michael B. Cahill; Michael Nunnelee; Richard Byrd; Vernon Kozlen; Kate Dwyer; City National Corporation Profit Sharing Plan, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed April 23, 2019.


Attorney(s) appearing for the Case

Robin Meadow (argued), Jonathan H. Eisenman , and Edward L. Xanders , Greines Martin Stein & Richland LLP, Los Angeles, California; Christopher Craig , Catalina Vergara , and Brian D. Boyle , O'Melveny & Myers LLP, Los Angeles, California; for Defendants-Appellants.

Jeffrey M. Hahn (argued), Senior Trial Attorney; Thomas Tso , Counsel for Appellate and Special Litigation; G. William Scott , Associate Solicitor for Plan Benefits Security; Kate O'Scannlain , Solicitor of Labor; Office of the Solicitor, United States Department of Labor, Washington, D.C.; for Plaintiff-Appellee.

Before: A. Wallace Tashima and Paul J. Watford, Circuit Judges, and Eduardo C. Robreno, District Judge.


OPINION

This case is about liability for self-dealing and breach of fiduciary duties under the Employee Retirement Income Security Act of 1974 ("ERISA") and the corresponding assessment of damages. Both issues—liability and calculating damages—revolve around a compensation scheme for an employee profit...

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