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REICH v. VALLEY NAT. BANK OF ARIZONA

No. 89 Civ. 8361 (CBM).

837 F.Supp. 1259 (1993)

Robert B. REICH, Secretary of the Department of Labor, Plaintiff, v. VALLEY NATIONAL BANK OF ARIZONA, Kroy Inc., Kroy Inc. Employee Stock Ownership Plan, Errol W. Bartine, James P. Fitzpatrick, John M. Glitsos, Randall E. Gnant, Kim D. Gustafson, David Gustafson, David D. Kielty, Vittal G. Srimushman, Defendants.

United States District Court, S.D. New York.

September 10, 1993.

Attorney(s) appearing for the Case

Leslie C. Perlman, Eric G. Serron, Office of Sol., U.S. Dept. of Labor, Washington, DC (Suzanne Windle, Maria Makris-Gouvas, on brief), for Dept. of Labor.

Arthur P. Greenfield, Jeffrey Walsh, Snell & Wilmer, Phoenix, AZ (Gilbert B. Weiner, of counsel), for Valley Nat. Bank.

AMENDED OPINION

MOTLEY, District Judge.

This is an action brought by the Secretary of Labor against Valley National Bank of Arizona (Valley) and others. In this suit the Secretary of the Department of Labor (DOL) alleges, inter alia, that when Valley served as fiduciary to the Kroy Inc. Employee Stock Ownership Plan, Valley breached its fiduciary duties under the Employee Retirement Income Security Act of 1974...

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