Plan trustees invested plan funds in a deposit administration contract issued by Penn Mutual. Plan trustees learned that the annuity to fund a key executive’s retirement could be purchased for 25% less than the cost quoted by Penn Mutual. Pursued ERISA fiduciary, securities and fraud claims against Penn Mutual. When ruling in 1995 that insurance companies can be ERISA fiduciaries, the Supreme Court "follow[ed] the Seventh Circuit’s lead" in Peoria Union.Peoria Union Stock Yards Co. Retirement Plan v. Penn Mutual Life Ins. Co., 698 F.2d 320 (7th Cir. 1983).

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