4th Circ. Won't Revive Bank Of America Pension Suit

Law360, New York (July 25, 2012, 8:27 PM EDT) -- The Fourth Circuit on Wednesday refused to revive a class of retired employees' allegations that the formula that Bank of America Corp. used to calculate the retirement age of its employees violated the Employee Retirement Income Security Act.

In a unanimous decision, the appeals court affirmed a North Carolina federal court's refusal to reconsider the dismissal of the employees' claims that Bank of America's defined benefit plan unlawfully calculated lump sum benefits and backloaded benefits so that pension rights had little value until a longer period...
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