California Ironworkers Field Pension Trust v. Loomis Sayles & Co.

Before the Court are an appeal and cross-appeal from a final judgment in an ERISA 2 action in which three employee benefit trust funds (collectively the “Trusts”) and their Trustees sued investment managers for breach of fiduciary duties and related claims. Following a bench trial, the district court found that the investment managers, Loomis Sayles & Company, LLP and Loomis Sayles & Company, Inc. (collectively “Loomis”), had breached duties owed to the California Field Ironworkers Health and Welfare *1041 Trust Fund (“Welfare Trust”) but had not breached duties owed to the California Field Ironworkers Annuity Trust Fund (“Annuity Trust”) or the California Field Ironworkers Pension Trust Fund (“Pension Trust”). The district court entered judgment in the amount of $1,107,213 based upon its findings in favor of the Welfare Trust, but declined to award attorney’s fees or costs to either side.

We have jurisdiction and affirm the district court’s findings regarding liability and its decision not to award attorney’s fees or costs. However, we vacate the judgment and remand for recalculation of damages.

BACKGROUND

The parties agree that the Trusts are employee benefit plans within the…