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WSOL v. FIDUCIARY MANAGEMENT ASSOCIATES, INC.

Nos. 00-2703, 01-1685.

266 F.3d 654 (2001)

Frank J. WSOL, Sr., et al., Plaintiffs-Appellants, v. FIDUCIARY MANAGEMENT ASSOCIATES, INC. and East West Institutional Services, Inc., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Submitted August 28, 2001.

Decided September 12, 2001.

Attorney(s) appearing for the Case

Stephen J. Feinberg (argued), Asher, Gittler, Greenfield, Cohen & D'Alba, Chicago, IL, for Plaintiffs-Appellants in No. 00-2703.

Michael M. Conway (argued), John F. Zabriskie, Foley & Lardner, Chicago, IL, for Defendants-Appellees in No. 00-2703.

Stephen J. Feinberg (submitted), Asher, Gittler, Greenfield, Cohen & D'Alba, Chicago, IL, for Plaintiffs-Appellants in No. 01-1685.

John F. Zabriskie, Foley & Lardner, Chicago, IL, for Defendants-Appellees in No. 010-1685.

Before POSNER, MANION, and WILLIAMS, Circuit Judges.

Argued (No. 00-2703) March 27, 2001.

Submitted (No. 01-1685) August 28, 2001.

POSNER, Circuit Judge.

The plaintiffs, trustees of a Teamsters pension fund, brought this ERISA suit for breach of fiduciary duty by an investment advisor that the fund had retained, Fiduciary Management Associates, and an "introducing broker" that FMA had in turn retained, East West Institutional Services. At trial (a bench trial), at the close of the

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