Pentegra Retirement Plan Settles After Rare Jury Trial Win (1)

Participants that sued over a 401(k) plan administered by Pentegra Retirement Services Inc. reached a settlement Friday, just nine days after their rare ERISA jury trial victory.

Judge Philip M. Halpern stayed all remaining deadlines in the case, pending a formalized settlement, he wrote in an order in the US District Court for the Southern District of New York. A jury answered in the class’ favor that Pentegra owed them more than $38 million.

The lawsuit challenged the fees associated with a $2.1 billion retirement plan the company administers for thousands of employees across hundreds of financial institutions. The case ...