First National Bank of Chicago ex rel. Institutional Real Estate Fund F v. A.M. Castle & Co. Employee Trust

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 over the investments made by the fund — a typical common trust fund except holding real estate rather than securities, Board of…