Excerpt: Wachovia Bank did not violate the Employee Retirement Income Security Act (ERISA) when it sent a form letter to investors notifying them of a fund's merger with another fund, a court ruled. The U.S. District Court for the Eastern District of Pennsylvania dismissed the claims brought by Olivet Boys' & Girls' Club of Reading and Berks County. The court ruled that Wachovia cannot be a fiduciary to the club's Money Purchase Pension Plan under ERISA because it did not render investment advice. The court pointed out that even the club described Wachovia's actions with respect to the new fund as marketing.  MORE >>