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