In David v. Alphin, 2013 WL 142072 (4th Cir. 2013), plaintiffs alleged that defendants engaged in prohibited transactions and breached their fiduciary duties by selecting and maintaining Bank-affiliated mutual funds in the investment menu for the Bank’s 401(k) Plan and the Bank’s separate defined benefit pension plan. The Fourth Circuit affirmed dismissal of plaintiffs’ claims. With respect to the defined benefit pension plan claims, the court ruled, among other things, that plaintiffs did not have constitutional standing to assert their claims because the alleged risk of the plan becoming underfunded was insufficiently “concrete and particularized” to constitute an injury-in-fact. With respect to the 401(k) plan, the Court held that since the claims arose in 1999 and the suit was filed well after ERISA’s six-year statute of limitations expired, the claims were barred by the statute of limitations.