A $38.8 MILLION VERDICT for participants in a 401(k) plan administered by Pentegra Services boosts other plaintiffs who’d like the rare opportunity to bring a federal benefits law case to a jury, Jacklyn Wille and Austin R. Ramsey report.
- An eight-person jury unanimously concluded April 23 that Pentegra and the plan’s board of directors breached their fiduciary duties by causing the plan to pay unreasonable administrative fees after a trial in a New York federal court. The 26,000-person class action centers on fees charged by a $2.1 billion retirement plan covering employees across hundreds of different financial institutions.
- The verdict ...
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