United States Fourth Circuit

In ERISA enforcement action brought by putative class of Pension Plan participants, alleging defendant-bank and individuals engaged in prohibited transactions and breached their fiduciary duties, judgment dismissing action is affirmed, where: 1) plaintiffs lack Article III standing; 2) with regard to the 401(k) plans, since plaintiffs' claims arise from the selection of the Bank-affiliated claims, the limitations period in 29 USC section 1113(1)(A) applies; 3) plaintiffs' claim accrued in 1999 when any harm allegedly caused by the imprudent investments began, and thus the claim is not timely; and 4) the district court's dismissal of the Third Amended Complaint with prejudice did not constitute an abuse of discretion where plaintiffs failed to file a motion to amend and had already amended their original complaint three times.

Appellate Information

• Decided 01/14/2013
• Published 01/14/2013

Judges

• DAVIS

Court

• United States Fourth Circuit

Counsel