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pension fund <strong>or</strong> health and welfare fund has an obliga­<br />

tion to act solely in the interest of the participants<br />

and the beneficiaries of th<strong>at</strong> tr<strong>us</strong>t?<br />

of ERISA.<br />

tainly.<br />

MR. COtiINERTON: I think th<strong>at</strong> is the language<br />

MR. HARMON: Do <strong>you</strong> agree with th<strong>at</strong>?<br />

MR. CONNERTON: I agree with the law, cer-<br />

MR. HARMON: Is th<strong>at</strong> the policy of the<br />

Lab<strong>or</strong>ers' Union th<strong>at</strong> its tr<strong>us</strong>tees may act solely in the<br />

interest of the participants and beneficiaries of the<br />

vario<strong>us</strong> funds of lab<strong>or</strong>ers' <strong>or</strong>ganiz<strong>at</strong>ions?<br />

HR. CONNERTON: I think the policy -- I<br />

believe the policy of the Lab<strong>or</strong>ers' Union and the policy<br />

of the lab<strong>or</strong> movement as a whole, is a tr<strong>us</strong>tee should<br />

act in the interest of the participants.<br />

ro1R. HARMON: The policy of the r.ab<strong>or</strong>ers' Union<br />

is no different than any other, is th<strong>at</strong> c<strong>or</strong>rect, ill th<strong>at</strong><br />

regard, Mr. Connerton?<br />

MR. CONNERTON: Yes, th<strong>at</strong> is my understanding.<br />

MR. HARMON: Do <strong>you</strong> agree, Mr. Connerton,<br />

th<strong>at</strong> a union represent<strong>at</strong>ive is a fiduciary who may not<br />

fe<strong>at</strong>her his own nest <strong>at</strong> the same time he is supposed to<br />

be serving the union membership?<br />

401

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