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HOLLAND v. CITY OF CHICAGO

No. 1-95-2491.

682 N.E.2d 323 (1997)

289 Ill. App.3d 682

224 Ill.Dec. 762

Norman HOLLAND, Carlyle Jakovec, Salvatore Tricoci, Thomas Kelly, and James McDonough, individually and on behalf of all others similarly situated and derivatively on behalf of the Policemen's Annuity and Benefit Fund and the Firemen's Annuity and Benefit Fund of Chicago, Plaintiffs-Appellants, v. The CITY OF CHICAGO, a municipal corporation; Richard M. Daley, Mayor of the City of Chicago; Miriam Santos, Treasurer of the City of Chicago and Trustee of the Policemen's Annuity and Benefit Fund and Firemen's Annuity and Benefit Fund of Chicago; Walter Knorr, Comptroller of the City of Chicago and Trustee of the Policemen's Annuity and Benefit Fund and Firemen's Annuity and Benefit Fund of Chicago; Walter Kozubowski, former City Clerk of the City of Chicago and Former Trustee of the Firemen's Annuity and Benefit Fund of Chicago; Ernest Wish, City Clerk and Trustee of the Firemen's Annuity and Benefit Fund; Russell Ewert, Thomas Allison, Chester Jaskola, Former Trustees and Charles R. Loftus, Ronald R. Norris, Gary B. Helms, Robert F. Ruesche and Richard J. Jones, Trustees of the Policemen's Annuity and Benefit Fund, and James T. Nolan, Fred Gawryk, Joseph F. Quinn, William J. Wilkinson and James T. Joyce, Trustees of the Firemen's Annuity and Benefit Fund of Chicago, and Donald Stensland, Former Trustee, all as direct and/or derivative defendants; and the Retirement Board of the Policemen's Annuity and Benefit Fund and the Retirement Board of the Firemen'S Annuity and Benefit Fund of Chicago as direct defendants only, Defendants-Appellees.

Appellate Court of Illinois, First District, Fifth Division.

June 27, 1997.

Attorney(s) appearing for the Case

J. Peter Dowd, Linda Wyetzner and Anne Hunter of Dowd & Bloch, Chicago, Mim Geraghty and James Potter of Kinoy, Taren, Geraghty & Potter, P.C., Chicago, Ronald Futterman and Craig Futterman of Futterman & Howard, Chicago, for Plaintiffs-Appellants.

David R. Kugler, Chicago, Steven J. Teplinsky, Alvin D. Meyers of Fagel & Haber, Chicago, Susan S. Sher, Corporation Counsel of City of Chicago, Chicago (Lawrence Rosenthal, Benna Ruth Solomon and Julian N. Henriques, Jr., of Counsel), for Defendants-Appellees.

Justice HOURIHANE delivered the opinion of the court:

Plaintiffs, current or former members of the Chicago police and fire departments, who are or will be entitled to receive retirement benefits, brought an action against the City of Chicago (City), various city officials, the trustees of the Policemen's and Firemen's Annuity and Benefit Funds (hereafter Policemen's and Firemen's Pension Funds or the Funds), and the Retirement Boards of the Funds (hereafter pension...

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