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MONTGOMERY v. AETNA PLYWOOD, INC.

No. 95 C 3193.

956 F.Supp. 781 (1997)

Howard R. MONTGOMERY, for himself and for all others similarly situated and for Aetna Plywood, Inc. Profit Sharing Plan as successor to Aetna Plywood, Inc., Employee Stock Ownership Plan, Nominal Defendants, Plaintiffs, v. AETNA PLYWOOD, INC., a Delaware corporation, Jeffrey Davis, a trustee of Aetna Plywood, Inc., ESOP, John Francione, a trustee of Aetna Plywood, Inc., ESOP, Peter John, a trustee of Aetna Plywood, Inc., ESOP, and Peter Thomsen, a trustee of Aetna Plywood, Inc., ESOP, Defendants.

United States District Court, N.D. Illinois, Eastern Division.

January 2, 1997.

Attorney(s) appearing for the Case

Clinton A. Krislov, Sara Jane Weisenthal, Lisa Margaret Gotkin, Krislov & Associates, Ltd., Chicago, IL, for Howard R. Montgomery.

Michael J. Howlett, Jr., Allan Tracy Slagel, William M. Ejzak, Shefsky, Froelich & Devine, Ltd., Chicago, IL, Dean A. Dickie, Kathleen Helen Klaus, D'Ancona & Pflaum, Chicago, IL, for Aetna Plywood, Inc. and Jeffrey Davis.

Dean A. Dickie, Mark A. Brand, Matthew Robert Wildermuth, Kathleen Helen Klaus, Brand & Novak, Ltd., Chicago, IL, for John Francione.

C. Barry Montgomery, Lloyd E. Williams, Jr., Williams & Montgomery, Chicago, IL, for Peter John and Peter Thomsen.

Richard Welton Culver, Richard W. Culver, Ltd., Schaumburg, IL, for Jay R. Frischkorn.

MEMORANDUM OPINION AND ORDER

HART, District Judge.

In this class action, former participants in the Aetna Plywood, Inc. Employee Stock Ownership Plan (the "ESOP") claim that defendants breached their fiduciary duties when defendant Aetna Plywood, Inc. ("Aetna Plywood") repurchased its stock from the ESOP for an allegedly undervalued price. The individual defendants were all trustees of the ESOP during the pertinent time period. In a proposed amended...

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