266
White, J., dissenting
the courts of equity were the predominant forum for beneficiaries' claims arising from a breach of trust. These courts were not, however, the exclusive forum. In some instances, there was jurisdiction both in law and in equity and it was generally (although not universally) acknowledged that the beneficiary could elect between his or her legal and equitable remedies. See Clews v. Jamieson, 182 U. S. 461, 480-481 (1901); G. Bogert & G. Bogert, Law of Trusts and Trustees § 870, pp. 101-107 (2d rev. ed. 1982); 3 A. Scott & W. Fratcher, Law of Trusts § 198, pp. 194-203 (4th ed. 1988); J. Hill, Trustees *518-*519; Annot., Remedy at Law Available to Beneficiary of Trust as Exclusive of Remedy in Equity, 171 A. L. R. 429 (1947). Indeed, the Restatement of Trusts sets out in separate, successive sections the "legal" and "equitable" remedies available to beneficiaries under the common law of trusts. See Restatement (Second) of Trusts §§ 198, 199 (1959).
The traditional "equitable remedies" available to a trust beneficiary included compensatory damages. Equity "endeavor[ed] as far as possible to replace the parties in the same situation as they would have been in, if no breach of trust had been committed." Hill, supra, at *522; see also J. Tiffany & E. Bullard, Law of Trusts and Trustees 585- 586 (1862) (defendant is chargeable with any losses caused to trust or with any profits trust might have earned absent the breach). This included, where necessary, the payment of a monetary award to make the victims of the breach whole. Clews v. Jamieson, supra, at 479-480; Hill, supra, at *522; Bogert & Bogert, supra, § 862; see also United States v. Mitchell, 463 U. S. 206, 226 (1983); Massachusetts Mut. Life Ins. Co. v. Russell, 473 U. S. 134, 154, n. 10 (1985) (Brennan, J., concurring in judgment).
Given this history, it is entirely reasonable in my view to
construe § 502(a)(3)'s reference to "appropriate equitable relief" to encompass what was equity's routine remedy for such breaches—a compensatory monetary award calculated to make the victims whole, a remedy that was available against
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