DISCLAIMER: Any unofficial case summaries below are prepared by the clerk's office
as a courtesy to the reader. They are not part of the opinion of the court.
143457P.pdf 03/22/2016 Blue Cross Blue Shield of MN v. Wells Fargo Bank, N.A.
U.S. Court of Appeals Case No: 14-3457
U.S. District Court for the District of Minnesota - Minneapolis
[PUBLISHED] [Shepherd, Author, with Riley, Chief Judge, and Smith, Circuit
Judge]
Civil case - ERISA. In suit by ERISA plan administrators who participated
in defendant's Securities Lending Program alleging defendant caused them
substantial losses by imprudent investments and breaches of its fiduciary
duty, the district court bifurcated the common-law claims and the ERISA
claims and tried the common-law claims to a jury; the jury found that
defendant had not breached its fiduciary duty and the court applied this
finding to the ERISA claims under the doctrine of collateral estoppel; the
district court erred, however, in failing to consider whether defendant
had waived the right to assert in the ERISA proceedings that the court was
bound by the jury findings; remanded to the district court to determine
whether waiver did in fact occur.