ARIZONA ST. CARPENTERS PENSION TR. FUND v. MILLER

Nos. 89-16682, 90-15253.

938 F.2d 1038 (1991)

ARIZONA STATE CARPENTERS PENSION TRUST FUND, a trust, et al., Plaintiffs-Appellants, v. William E. MILLER, and Georgia Miller, his wife; Keith E. Dolgaard, and Pleidas Dolgaard, his wife; Arizona Trust Company, an Arizona corporation; Arizona Trust Company Escrow Agency, Inc., an Arizona company; Indian Summer Investors, Inc., an Arizona corporation; Cougar Enterprise, Inc., an Arizona corporation, Defendants-Appellees, Manufacturers Hanover Trust Company, a New York corporation, Intervenor-Appellee. ARIZONA STATE CARPENTERS PENSION TRUST FUND, a trust, et al., Plaintiffs-Appellants, v. William E. MILLER, and Georgia Miller, his wife; Mitchell Hutchins Institutional Investors, Inc., a Delaware corporation, et al., Defendants-Appellants, Manufacturers Hanover Trust Company, a New York corporation, Intervenor-Appellee.

United States Court of Appeals, Ninth Circuit.

Submission Deferred April 9, 1991.

Resubmitted July 11, 1991.

Decided July 15, 1991.

As Amended August 27, 1991.


Attorney(s) appearing for the Case

Keith F. Overholt, Shimmel, Hill, Bishop & Gruender, Phoenix, Ariz., for plaintiffs-appellants.

Stephen G. Tipps, Baker & Botts, Houston, Tex., for defendants-appellees.

Joseph E. Mais, Brown & Bain, Phoenix, Ariz., for intervenor-appellee.

Before PREGERSON, NOONAN, and THOMPSON, Circuit Judges.


DAVID R. THOMPSON, Circuit Judge:

The appellants, four Arizona pension and welfare funds and their trustees (collectively, the "Trust Funds"), sued their investment manager and others to recover losses they allegedly suffered as a result of improper investments of trust assets in over 80 unsound real estate loans. In Counts 1 through 7 of the Second Amended Complaint, the Trust Funds sought compensatory damages, rescission and attorney fees under the Employee Retirement...

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