BD. OF TRUSTEES v. FIRST NAT. BANK OF ILLINOIS MUNICIPAL RETIREMENT FUND

No. 1-92-4433.

636 N.E.2d 840 (1994)

263 Ill. App.3d 108

201 Ill.Dec. 408

BOARD OF TRUSTEES OF the ILLINOIS MUNICIPAL RETIREMENT FUND, Plaintiff-Appellant, v. The FIRST NATIONAL BANK OF CHICAGO, Individually and as Trustee of "The First National Bank of Chicago Group Trust for Pension and Profit Sharing Trusts," and, First Chicago Investment Advisors, N.A., Defendants-Appellees.

Appellate Court of Illinois, First District, Fifth Division.

Rehearing Denied June 28, 1994.

As Modified June 30, 1994.


Attorney(s) appearing for the Case

Pretzel & Stouffer, Chartered, Chicago (William E. Kenny, Robert Marc Chemers and Michael G. Bruton, of counsel), for appellant.

Sidley & Austin, William F. Conlon, James J. Carroll, and Mark B. Blocker, Lynn A. Goldstein, Chicago, for appellees.


MODIFIED ON DENIAL OF REHEARING

Justice McNULTY delivered the opinion of the court:

The First National Bank of Chicago (FNBC) is the trustee of an open end real estate collective investment fund known as Institutional Real Estate Fund F (Fund F). The Illinois Municipal Retirement Fund (IMRF) is an employee benefit plan which invested in Fund F. The governing trust agreement requires that the assets of Fund F be invested "primarily * * * in real property...

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