Pentegra Retirement Services Inc. was sued Tuesday in a New York federal court by two retirement plan participants who claim the company engages in self-dealing and charges excessive fees in a $2.1 billion retirement plan it administers for more than 27,000 employees at nearly 250 financial institutions.
Imran Khan and Joan Bullock accuse Pentegra and related defendants of collecting excessive administrative fees from the Pentegra Defined Contribution Plan. The Pentegra defendants filled the plan with overly expensive mutual funds and used plan assets for improper purposes like luxury hotel charges, Khan and Bullock allege in a lawsuit claiming more than ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.