Brenda Tolbert v. RBC Capital Markets Corp.
Court of Appeals for the Fifth Circuit
1Opinion of the Court
JENNIFER WALKER ELROD, Circuit Judge:
The plaintiffs in this case are former employees of the defendant (“RBC”) who participated in a wealth accumulation plan (“WAP”) during their periods of employment. Giving rise to this lawsuit, portions of the plaintiffs’ WAP accounts were forfeited when the plaintiffs left their jobs at RBC. The plaintiffs allege that the forfeitures amounted to violations of the Employment Retirement Income Security Act (“ERISA”). The district court granted RBC’s motion for summary judgment, concluding that the WAP is not subject to ERISA because it is not an “employee…
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