BofA Exploiting ERISA Loophole, Retirees Tell 4th Circ.

Law360, New York (August 24, 2012, 1:12 PM EDT) -- A class of retirees alleging Bank of America Corp. unlawfully backloaded their pension formula on Wednesday asked the Fourth Circuit for a full-bench rehearing of their allegations, saying the court allowed the bank to exploit a loophole in the Employee Retirement Income Security Act.

Lead plaintiffs William L. Pender and David L. McCorkle moved the appellate court for an en banc rehearing of their argument the trial court wrongly tossed their suit claiming Bank of America's defined benefit plan unlawfully calculated lump sum benefits and backloaded...
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