Ray Marshall, Secretary of Labor, United States Department of Labor v. The Chase Manhattan Bank (National Association)

MULLIGAN, Circuit Judge:

Since 1961, the Chase Manhattan Bank (National Association) (Chase) has been the trustee of the assets of an employee pension benefit plan — the Pension Plan for Wage Employees of Federal Sweets and Biscuit Company, Inc. Chase was obligated to invest the corpus and to make distributions periodically at the direction of a Pension Board designated by the employer. The employer, Federal Sweets and Biscuit Company, was adjudicated a bankrupt on September 3, 1974. All the members of the Pension Board are believed to be deceased. Chase has received no directions for…