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PENDER v. BANK OF AMERICA CORP.

No. 14-1011.

788 F.3d 354 (2015)

William L. PENDER; David L. McCorkle, Plaintiffs-Appellants, and Anita Pothier; Kathy L. Jimenez; Mariela Arias; Ronald R. Wright; James C. Faber, Jr., On behalf of themselves and on behalf of all others similarly situated, Plaintiffs, v. BANK OF AMERICA CORPORATION; Bank of America, NA; Bank of American Pension Plan; Bank of America 401(K) Plan; Bank of America Corporation Corporate Benefits Committee; Bank of America Transferred Savings Account Plan, Defendants-Appellees, and Unknown Party, John and Jane Does # 1-50, Former Directors of NationsBank Corporation and Current and Former Directors of Bank of America Corporation & John & Jane Does # 51-100, Current/Former Members of the Bank of America Corporation Corporate Benefit; Charles K. Gifford; James H. Hance, Jr.; Kenneth D. Lewis; Charles W. Coker; Paul Fulton; Donald E. Guinn; William Barnett, III; John T. Collins; Gary L. Countryman; Walter E. Massey; Thomas J. May; C. Steven McMillan; Eugene M. McQuade; Patricia E. Mitchell; Edward L. Romero; Thomas M. Ryan; O. Temple Sloan, Jr.; Meredith R. Spangler; Hugh L. McColl; Alan T. Dickson; Frank Dowd, IV; Kathleen F. Feldstein; C. Ray Holman; W.W. Johnson; Ronald Townsend; Solomon D. Trujillo; Virgil R. Williams; Charles E. Rice; Ray C. Anderson; Rita Bornstein; B.A. Bridgewater, Jr.; Thomas E. Capps; Alvin R. Carpenter; David Coulter; Thomas G. Cousins; Andrew G. Craig; Russell W. Meyer, Jr.; Richard B. Priory; John C. Slane; Albert E. Suter; John A. Williams; John R. Belk; Tim F. Crull; Richard M. Rosenberg; Peter V. Ueberroth; Shirley Young; J. Steele Alphin; Amy Woods Brinkley; Edward J. Brown, III; Charles J. Cooley; Alvaro G. De Molina; Richard M. Demartini; Barbara J. Desoer; Liam E. McGee; Michael E. O'Neill; Owen G. Shell, Jr.; A. Michael Spence; R. Eugene Taylor; F. William Vandiver, Jr.; Jackie M. Ward; Bradford H. Warner; Pricewaterhouse Coopers, LLP, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided: June 8, 2015.

Attorney(s) appearing for the Case

ARGUED: Eli Gottesdiener , Gottesdiener Law Firm, PLLC, Brooklyn, New York, for Appellants. Carter Glasgow Phillips , Sidley Austin, LLP, Washington, D.C., for Appellees. ON BRIEF: Thomas D. Garlitz, Thomas D. Garlitz, PLLC, Charlotte, North Carolina, for Appellants. Irving M. Brenner , McGuirewoods LLP, Charlotte, North Carolina; Anne E. Rea , Christopher K. Meyer , Chicago, Illinois, Michelle B. Goodman , David R. Carpenter , Sidley Austin LLP, Los Angeles, California, for Appellees.

Reversed in part, vacated in part, and remanded by published opinion. Judge WYNN wrote the opinion, in which Judge KEENAN and Judge FLOYD joined.

In this Employee Retirement Income Security Act of 1974 ("ERISA") case, an employer was deemed to have wrongly transferred assets from a pension plan that enjoyed a separate account feature to a pension plan that lacked one. Although the transfers were voluntary and the employer guaranteed that the value of the transferred assets...

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