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FIRST NAT. BANK OF CHICAGO v. A.M. CASTLE & CO.

No. 98-3309.

180 F.3d 814 (1999)

FIRST NATIONAL BANK OF CHICAGO, as Trustee of Institutional Real Estate Fund F, Plaintiff-Appellee, v. A.M. CASTLE & COMPANY EMPLOYEE TRUST and A.M. Castle & Company Employees Profit Sharing Trust, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided June 9, 1999.

Attorney(s) appearing for the Case

Harold C. Hirsham, Sonnenschein, Nath & Rosenthal, Chicago, IL; William F. Conlon, Mark B. Blocker (argued), Sidley & Austin, Chicago, IL; Lynn A. Goldstein, First National Bank of Chicago, Chicago, IL, for Plaintiff-Appellee.

Jeffrey H. Bergman, D'Ancona & Pflaum, Chicago, IL; Jerry M. Aufox (argued), A.M. Castle & Company, Franklin Park, IL, for Defendants-Appellants.

Before POSNER, Chief Judge, and EASTERBROOK and EVANS, Circuit Judges.

POSNER, Chief Judge.

Two affiliated employee benefit plans ("Castle" for short) appeal from the grant of summary judgment to the First National Bank of Chicago (now called "Bank One" as a result of recent merger) in a case that arises out of a dispute over the bank's administration of a real estate investment fund which the bank created and operated and in which Castle, the plaintiff, invested. The bank is conceded to be a fiduciary because it exercised discretion...

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