BBVA Compass Bancshares Loses Second Bid to Slip 401(k) Lawsuit

BBVA Compass Bancshares Inc.'s attempt to avoid a lawsuit challenging its 401(k) plan by citing ERISA’s administrative exhaustion requirement failed for a second time, when a federal judge reiterated that the case would move forward in her Alabama courtroom.

BBVA, the U.S. offshoot of a Spanish multinational banking group, asked Judge Madeline Hughes Haikala of the U.S. District Court for the Northern District of Alabama to rethink her 2020 decision declining to dismiss the case, saying Haikala had allowed the terms of BBVA’s 401(k) summary plan description to override the plan itself in violation of U.S. Supreme Court precedent. ...