Split 4th Circuit Upholds Ruling For Bank On Accounting-For-Profit Claim

Mealey's ( June 7, 2018, 1:04 PM EDT) -- RICHMOND, Va. — A divided Fourth Circuit U.S. Court of Appeals panel on June 5 upheld a district court judgment holding that employees in a decade-long case over a bank's illegal transfer of assets from a 401(k) plan to an Employee Retirement Income Security Act pension plan failed to show that any profit was retained by the bank as a result of the transfer (William L. Pender, et al. v. Bank of America Corp., et al., No. 17-1485, 4th Cir., 2018 U.S. App. LEXIS 15088)....