Tim Kronzer v. Gary Hintz

MEMORANDUM

Plaintiff-Appellant Tim Kronzer appeals two district court summary judgment orders that resulted in the dismissal of his lawsuit brought under the Employee Retirement Income Security Act (“ERISA”). He seeks an accounting to determine whether the Employee Stock Ownership Plan (“ESOP”) that he participated in was harmed by Appellee Gary Hintz’s alleged breaches of fiduciary duty under 29 U.S.C. §§ 1001-1144 , statutory damages under 29 U.S.C. § 1132 (c)(1), and attorney’s fees pursuant to 29 U.S.C. § 1132 (g)(1).

The alleged ERISA violations stem from the December 2007 sale of Newco K & K, Inc.’s company stock to C.D.S. Engineering, LLC for about $4.5 million or $127.19 per share. The sale included stock owned by the ESOP, which held about 57.37% of the total stock shares, and included all privately owned stock. After the sale, Kronzer, a Newco K & K, Inc. employee and ESOP participant, requested information, including copies of financial statements, from Hintz, who was the trustee of the ESOP.

Hintz gave some information to Kronzer, including some summary data on bank balances, but Hintz did not turn over official bank statements because he apparently believed, based…