Jefferson Trust and Savings Bank of Peoria v. Simmons
Defendants controlled Keystone Consolidated Industries and its pension plans, and were seeking to purchase control of Amalgamated Sugar Company.
After a competing offer was made for Amalgamated, defendants ordered that millions of dollars of stocks owned by Keystone pension funds be sold immediately and the proceeds used by the pension funds to purchase Amalgamated shares. Pursued ERISA fiduciary action to protect pension fund. Secretary of Labor filed companion suit. Jefferson Trust and Savings Bank of Peoria v. Simmons, United States District Court, Central District of Illinois, Peoria Division, Case No. 83-1101.
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