Fiduciary

Landmark $38.8 Million Jury Verdict Signals New Era for ERISA Plaintiffs Amid Fiduciary Breach Case Against Pentegra

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White Plains, New York — A recent jury verdict has awarded $38.8 million to participants of a 401(k) plan managed by Pentegra Services Inc., marking a significant moment for plaintiffs under the federal Employee Retirement Income Security Act (ERISA). This ruling allows participants an opportunity to take their fiduciary breach claims to a jury, a rarity in ERISA cases. On April 23, an eight-member jury unanimously found that Pentegra and the plan’s board of directors failed their fiduciary responsibilities by imposing excessive administrative fees on the retirement plan, which serves roughly 26,000 employees across various … Read more

"Balancing Innovation and Ethics: How Fiduciary Governance Can Safeguard Quantum Computing’s Future"

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Exeter, England — Recent research highlights potential avenues for regulating quantum computing through existing finance and investment laws, aiming to mitigate societal risks linked to this emerging technology. The study, conducted by Dr. Robert Herian from the University of Exeter Law School, suggests that fiduciary law may offer a framework to ensure the responsible and ethical deployment of quantum computing. This technology promises to tackle complex problems much quicker and more efficiently than traditional computers. However, it also poses challenges in maintaining human oversight and control. The principles of fiduciary governance, commonly employed in the … Read more

Judicial Ruling Upholds Verdict in Key Fiduciary Duty Breach Case

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A Virginia Supreme Court ruling has upheld a lower court’s verdict in a significant breach of fiduciary duty case involving a financial advisory firm. The decision, delivered on Friday, reinforces legal standards governing the responsibilities of fiduciaries in financial transactions, setting a precedent that may impact similar cases across the state. The case originated when a group of investors accused their financial advisor of mismanaging their funds and failing to adhere to essential fiduciary obligations. They claimed that the advisor prioritized personal gains over the clients’ best interests, leading to significant financial losses. The Virginia … Read more

Jury Delivers Landmark $38 Million Verdict in ERISA Case Against Pentegra for Fiduciary Breach

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New York—A jury awarded more than $38 million to a group of retirement plan participants who claimed fiduciary breaches against Pentegra’s Multiple Employer Defined Contribution Plan. This rare jury trial under the Employee Retirement Income Security Act (ERISA) concluded with findings that the plan’s fiduciaries had engaged in improper fees. The case, titled Khan et al. v. Board of Directors of Pentegra Defined Contribution Plan et al., was brought forward in the Southern District of New York in 2020. The plaintiffs—Imran Khan, Joan Bullock, and Pamela Joy Wood—argued on behalf of themselves and other plan … Read more