EASTERBROOK, Circuit Judge.
The principal question in this case is whether a trustee's imprudent failure to investigate before investing relieves the other party of liability for securities fraud. We hold that it does not.
In early 1979 the trustees of Teamsters Local 282 Pension Trust Fund (the Fund) loaned $2,000,000 to the Des Plaines Bancorporation, Inc., a bank holding company (the Borrower). In March 1981 federal and state regulatory officials closed...
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