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Fourth Circuit Revives Participant Suit Challenging Bank of America 401(k) Asset Transfer
Bloomberg BNA 
June 9, 2015
"According to the Fourth Circuit, the workers' requested relief -- the difference between the money Bank of America made off their plan investments and the amount of money they were actually credited with -- qualified as 'the hornbook definition of an accounting for profits,' which the court found to be a permissible equitable remedy under ERISA.... The Fourth Circuit also disagreed with the district court's conclusion that Bank of America's subsequent corrective measures rendered the workers' claims moot.... Unless and until Bank of America showed that it retained no profits, the workers' claims were live and viable, the Fourth Circuit concluded." [Pender v. Bank of America Corp., No. 14-1011 (4th Cir. June 8, 2015)]
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