Court says DB participants lack standing to challenge sponsor-affiliated funds

The plaintiffs and putative class representatives brought suit against the Bank of America Corporation, BOA’s Corporate Benefits Committee, and members of the Committee, alleging that the defendants engaged in prohibited transactions and breached their fiduciary duties by investing the assets of BOA’s defined benefit pension plan and its defined contribution 401(k) plan in BOA-affiliated mutual funds which, the plaintiffs alleged, offered poor performance and charged high fees. 

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