Violation Tracker Individual Record

Company: 
FleetBoston Financial Corp
Current Parent Company: 
Bank of America
Penalty: 
$83,401,000
Year: 
2008
Date: 
October 15, 2008
Offense Group: 
employment-related offenses
Primary Offense: 
benefit plan administrator violation
Secondary Offense: 
pension ERISA violation
Violation Description: 

A group of employees of FleetBoston, now part of Bank of America, alleged that the company engaged in age discrimination when it switched its pension plan to a cash balance system.

Level of Government: 
federal
Action Type: 
private litigation
Court: 
District of Connecticut
Civil or Criminal Case: 
civil
Case ID: 
3:04-cv-1638
Case Name: 
Richards v. FleetBoston Financial Corp et al
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Link to PACER Case Docket (must be logged in): 
Link to Archived Court Document: 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.