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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