4th Circ. Backs BofA Pension Suit's Dismissal Over Standing

Law360, New York (January 14, 2013, 8:46 PM EST) -- The Fourth Circuit on Monday upheld a lower court’s dismissal of a proposed class action brought by participants in Bank of America Corp.’s employee savings plans that accuses plan administrators of wrongfully pumping employee savings into BofA-affiliated funds, finding the employees lack constitutional standing.

A three-judge panel held that the employees don’t have standing to bring their pension plan claims under Article III of the U.S. Constitution, rejecting the workers’ argument that the Supreme Court’s decision in Sprint Communications Co. LP v. APCC Serv. Inc. allows...
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