Arizona State Carpenters Pension Trust Fund v. Citibank (Arizona), an Arizona Banking Corporation

The Arizona State Carpenters Pension Trust Fund and two other multi-employee pension trust funds (collectively referred to as “Trust Funds”) and their respective trustees (“Trustees”) appeal the district court’s partial summary judgment and dismissal of their action against Citibank (Arizona) (“Citibank”), brought pursuant to the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq. (“ERISA”) and state law, alleging that Citibank breached its custodial agreement by failing to notify the trustees of defaults on payments for investments made by the Trust Funds’ investment managers.

The district court exercised jurisdiction pursuant to 29 U.S.C. § 1132 (e)(1) and (f) and 28 U.S.C. § 1367 . We have jurisdiction over Citibank’s timely appeal under 28 U.S.C. 1291. Concluding that Citibank was not an ERISA fiduciary, and that ERISA preempted appellants’ state law claims against Citibank, we affirm. Citibank’s request for attorney’s fees and costs on appeal is granted.

I. BACKGROUND

A. Facts

Each Trust Fund is a Taft-Hartley trust fund, formed and operated pursuant to 29 U.S.C. § 186 , and an employee benefit plan within the meaning of ERISA § 3(3), 29 U.S.C. §…