Board of Trustees of the Illinois Municipal Retirement Fund v. First National Bank

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 or investments of any kind relating to real property. Open-end real estate collective investment funds are regulated by the Comptroller of the Currency (OCC). (12 C.F.R. § 9.18 (1993).) By letter dated November 22, 1988, IMRF…