No Profits To Award From Bank’s Pension Plan Transfer Strategy, Judge Says

(March 22, 2017, 12:13 PM EDT) -- CHARLOTTE, N.C. — Plaintiff employees in a decade-long case over a bank’s illegal transfer of assets from a 401(k) plan to an Employee Retirement Income Security Act pension plan failed to show that any profit was retained by the bank as a result of the transfer, a North Carolina federal judge ruled March 17 in awarding judgment in favor of the bank on the plaintiffs’ accounting-for-profit claim (William L. Pender, et al. v. Bank of America Corp., et al., No. 3:05-cv-00238, W.D. N.C., 2017 U.S. Dist. LEXIS 38771)....

Attached Documents

Related Sections