LABORERS NAT. PENSION FUND v. NORTHERN TRUST QUANTITATIVE ADVISORS

No. 97-11023.

173 F.3d 313 (1999)

LABORERS NATIONAL PENSION FUND, an employee pension benefit plan, et al., Plaintiffs, Bill L. Harbert, Board of Trustee; Arthur A. Coia, Board of Trustee; Bruce Hughes, Board of Trustee; R. P. Vinall, Board of Trustee; Robert D. Sheehan, Board of Trustee; Mason M. Warren, Board of Trustee; Billy L. Harbert, Jr., Board of Trustee; Carl E. Booker, Board of Trustee; Plaintiffs-Appellees, v. NORTHERN TRUST QUANTITATIVE ADVISORS, INC., a corporation; The First National Bank of Chicago, a corporation; American National Bank and Trust Company of Chicago, a corporation; Defendants, Northern Trust Quantitative Advisors, Inc., a corporation; American National Bank and Trust Company of Chicago, a corporation; Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

April 16, 1999.


Attorney(s) appearing for the Case

Edward Saul Koppman, Dallas, TX, Michael J. Barrett, James S. Ray, Connerton & Ray, Washington, DC, for Plaintiffs-Appellees.

Wayne W. Bost, Winstead, Sechrest & Minick, Austin, TX, Robert J. Witte, Winstead, Sechrest & Minick, Dallas, TX, W. Ted Minick, Winstead, Sechrest & Minick, Houston, TX, for Defendants-Appellants.

Before EMILIO M. GARZA, BENAVIDES and DENNIS, Circuit Judges.


DENNIS, Circuit Judge:

The Laborers National Pension Fund (Fund) filed suit against American National Bank and Trust Company of Chicago (ANB) for damages because of breach of fiduciary duties as the Fund's investment manager under the Employment Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §§ 1001 et seq. After a bench trial, the district court determined that ANB's purchase of interest-only mortgage-backed securities (IOs) was not a...

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