Bank of America Denied Quick Appeal Over 401(k) Forfeiture Use

Bank of America Corp. failed to secure an immediate appeal of a decision requiring it to defend how it handles the 401(k) contributions forfeited by departing employees.

The case turns on the specific terms of the bank’s 401(k) plan document and not on a “narrow, dispositive legal issue” justifying an immediate appeal to the US Court of Appeals for the Fourth Circuit, Judge Max O. Cogburn Jr. said Thursday. The case will proceed to discovery on “how expenses were charged, how forfeitures were applied, and how fiduciaries exercised the discretion that the Plan confers,” said Cogburn, who sits in the ...