First National Bank of Blue Island Employee Stock Ownership Plan v. Board of Governors of Federal Reserve System’s Empirical Analysis
802 F.2d 291 · 1986
Citation profile
1 federal appellate ·
Relationships
Applies 12 U.S.C. § 1841 (§ 2 of the Bank Holding Company Act of 1956) · 12 U.S.C. § 1842 (§ 3 of the Bank Holding Company Act of 1956) · 12 U.S.C. § 1848 (§ 9 of the Bank Holding Company Act of 1956) · 29 U.S.C. § 1108 (§ 408 of the Employee Retirement Income Security Act of 1974)
Relies on Morrissey v. Commissioner · Whitney National Bank in Jefferson Parish v. Bank of New Orleans & Trust Co. · Board of Governors of Federal Reserve System v. First Lincolnwood Corporation · Securities Industry Ass'n v. Board of Governors of the Federal Reserve System · Board of Governors of Federal Reserve System v. Investment Co. Institute
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 3 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“[ESOPs] are a form of statutory pension programs designed to invest employee retirement assets in the stock of the employer.... The goal of the ESOP program is to broaden ownership of capital. The ESOP program provides a form of deferred compensation and retirement benefits created to encourage increased employee ownership. Leveraged ESOPs are authorized to borrow money in order to finance the stock purchase_ Be- cause of enormous tax advantages, corporations are encouraged to establish ESOPs and then use the program to borrow money for capital improvements and other corporate investments. Through leveraged potential, Congress has transformed the ESOP from a simple retirement account into a corporate financing tool ... In fact the legislative history of the ESOP program discloses Congressional intent to promote ESOPs as a suitable device for a broad range of corporate activity.”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.