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

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