Wells Fargo Bank v. Arizona Laborers, Teamsters & Cement Masons Local No. 395 Pension Trust Fund

OPINION

JONES, Chief Justice.

I. Facts and Procedural History

¶ 1 This controversy arises under a triparty agreement between First Interstate Bank (“the Bank”),1 various union pension funds (“the Funds”), and Mercado Developers, a partnership headed by J. Fife Symington, III (“Symington”). In 1987, the Bank funded a $2.3 million loan to a separate Symington partnership for a strip mall development named Alta Mesa Village. The Funds were not involved in the Alta Mesa transaction. Later the same year, Symington approached the Bank to request financing for a construction project in downtown Phoenix…