BofA Experience-Based Pensions Flout ERISA, High Court Told

Law360, New York (December 11, 2012, 4:55 PM EST) -- A class of retirees alleging Bank of America Corp. unlawfully backloaded their pension formula recently asked the U.S. Supreme Court to consider their claims, saying a Fourth Circuit ruling allows the bank to exploit a loophole in the Employee Retirement Income Security Act.

In a petition submitted to the high court Dec. 4, David McCorkle and William Pender — lead plaintiffs for a certified class of participants in a Bank of America pension plan — reiterated an argument made at lower courts that the bank violated...
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