Bank Asks High Court To Affirm 4th Circuit’s Ruling On Accounting-For-Profit Claim

Mealey's (January 23, 2019, 8:45 AM EST) -- WASHINGTON, D.C. — A bank on Jan. 17 asked the U.S. Supreme Court to uphold the Fourth Circuit U.S. Court of Appeals’ finding that bank employees and plan participants failed to show that any profit was retained by the bank as a result of a challenged transfer of assets from a 401(k) plan to an Employee Retirement Income Security Act pension plan (William L. Pender, et al. v. Bank of America Corp., et al., No. 18-578, U.S. Sup.)....