Bank of America 401 Legal News Articles & Interviews

Charlotte, NC Not only do holders of Bank of America 401(k) plans have a reason to worry, given the falling fortunes of a major player in the banking industry, but according to comments attributed to the Bank's chairman and chief executive, things aren't expected to improve anytime soon.

Charlotte, NC: Bank of America is yet another victim of the slowing US economy and the damaging sub-prime mortgage crisis, prompting the company to undertake a multi-billion-dollar debt write down. Worse, the less-then-stellar performance may have put Bank of America retirement fund investors at risk for reduced Bank of America 401k portfolios, alleging a potential breach of fiduciary duty on the part of the company to undertake prudent investments on behalf of Plan holders.