Jerry Summers, et al. v. State Street Bank & Trust Company, United States Court of Appeals for the Seventh Circuit, No. 05-4317
Novack and Macey was counsel to defendant State Street Bank & Trust Company in this class action arising out of the bankruptcy of United Airlines and the loss of more than $500 million in the value of the United Airlines Employee Stock Ownership Plan. The complaint, which alleged that State Street Bank had violated its fiduciary duties as trustee of the ESOP, was dismissed in the trial court and that decision was affirmed on appeal.