Jenkins v. Yager, 444 F.3d at 925 (adequacy of fiduciary’s independent investigation must be evaluated in light of the character and aims of the particular benefit plan), quoting In re Unisys Savings Plan Litig., 74 F.3d 420, 434 (3d Cir.1996). The evidence in Leigh showed the repeated, systematic, and active use of plan assets to assist the group of defendants in their series of hostile takeovers of small publicly-traded corporations. The investments were highly speculative. See 727 F.2d at 119-21. The Seventh Circuit clearly concluded that it was necessary to raise substantial risks of liability for such dangerous and speculative uses of employee benefit plans for the benefit of the fiduciaries and their associates even when those uses turned out to be profitable. See id. at 132 (<HOLDING>). The Seventh Circuit in Leigh and the Second
recognizing that it was beyond dispute that a state statute that required all insured benefit plans to submit to an extra layer of review for certain benefit denials had a substantial effect on erisa plans holding that selffunded employee benefit plans governed by erisa are not subject to direct state regulation holding that federal common law of erisa preempts state law in the interpretation of erisa benefit plans holding that a state law requiring benefit plans to include minimum benefits related to erisa plans recognizing that benefit plans subject to erisa controlled enormous pool of capital in 1984