"The court determined that the participants could assert a claim under ERISA Section 502(a)(3) for appropriate equitable relief to redress a violation of ERISA's anti-cutback rule....The bank argued that the participants suffered no 'financial loss,' and thus no injury sufficient to establish standing.... The court then concluded that the participants experienced an invasion of a legally protected interest because they suffered a loss, measured as the spread or difference between the profit the bank earned by investing the retained assets and the amount it paid to the participants." [Pender v. Bank of America Corp., No. 14-1011 (4th Cir. June 8, 2015)]  MORE >>