Chao

MEMORANDUM *

Edward Dearman, Alan Dearman, and Westfield Precision Products, Inc. (“West-field”) (collectively “the Dearmans”) appeal the district court’s judgment, entered in favor of the Secretary of Labor after a bench trial, in the Secretary’s action under the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 1001 , et seq. Because the parties are familiar with the facts and history of this case, we will not recount them here.

In this appeal, the Dearmans do not dispute the basic history of their self-interested dealings with the Westfield Employee Stock Ownership Plan (“ESOP”), or their failure to fulfill the exacting duties required of ERISA fiduciaries. The central claim raised by the Dearmans is that the district court erred in calculating the fair market value of Westfield stock held by the ESOP, and in finding based on those calculations that the ESOP suffered substantial losses because of appellants’ violations of ERISA.

We review the district court’s determination of the value of stock for clear error. Trust Servs. of Am., Inc. v. United States, 885 F.2d 561, 568 (9th Cir.1989). Because “precise calculations are impractical, [the district court…