Participants Represented by Schlichter Bogard Secure Jury Trial and Class Certification in Lawsuit Against Pentegra Over Excessive Fees
As reported by Law360, Retirement services provider Pentegra Retirement Services will face a jury trial in a lawsuit concerning Pentegra’s $2.1 billion 401(k) plan. The lawsuit, filed by Schlichter Bogard in September 2020 on behalf of approximately 27,000 plan participants, alleges that Pentegra breached fiduciary duties by, among other things, allowing unreasonable expenses to be charged to plan participants.
The Court also approved the certification of a class consisting of all participants in Pentegra’s plan and their beneficiaries from September 15, 2014, through the date of judgment.
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