Opinion ID: 778983
Heading Depth: 3
Heading Rank: 5

Heading: Hancock's Remaining Arguments

Text: 81 In light of our ruling, we need not address whether the district court miscalculated the damages resulting from Hancock's refusal to permit an extra-contractual rollover of free funds. Of course, on remand the court must determine anew the measure of damages caused by the actions that we have concluded do constitute breaches of Hancock's fiduciary duties. We reiterate that the proper measure of damages is to be calculated by determining what the Plan would have earned had Hancock exercised its discretionary authority with respect to its investment and allocation decisions in accordance with its fiduciary duties under ERISA. See Donovan v. Bierwirth, 754 F.2d 1049, 1056 (2d Cir.1985). Similarly, our ruling alters the landscape for determining an award of attorneys' fees. The district court must, of course, undertake a reevaluation of the propriety of awarding such fees pursuant to the factors we outlined in Chambless v. Masters, Mates & Pilots Pension Plan, 815 F.2d 869, 871 (2d Cir.1987). Finally, because Hancock's violations are significantly less extensive than the district court concluded, on remand the court must also reconsider its order removing Hancock as trustee of the Plan.