Bank Of America Prevails On Defined Benefit And 401(k) Fiduciary Duty Claims

Bank Of America Prevails On Defined Benefit And 401(k) Fiduciary Duty Claims

RICHMOND, Va. - The Fourth Circuit U.S. Court of Appeals affirmed Jan. 14 that participants in Bank of America's 401(k) plan are time-barred by the Employee Retirement Income Security Act from maintaining claims that the plans' fiduciaries engaged in prohibited transactions and breached their fiduciary duties by selecting bank-affiliated mutual funds as investment options for the plans and that participants in the bank's defined benefit pension plan lack Article III standing to maintain such claims (Elena M. David, et al. v. J. Steele Alphin, et al., No. 11-2181, 4th Cir.; 2013 U.S. App. LEXIS 987).

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