Judge Rules that Schlichter Bogard Will Lead ERISA Class Action Against Pentegra

As reported by Bloomberg Law, Schlichter Bogard & Denton will lead a proposed ERISA class action lawsuit filed against Pentegra Retirement Services on behalf of participants in the $2.1 billion Pentegra Defined Contribution Plan after a federal judge denied a competing request to serve as lead class counsel.

As alleged in the lawsuit, Pentegra failed to monitor recordkeeping fees and charged excessive – and consistently rising – administrative fees, despite its considerable bargaining power and duty to solicit competitive bids.

In making its determination, the court pointed to Schlichter Bogard & Denton’s “greater attorney resources” – a team of attorneys dedicated to Financial Products & Services litigation – and noted that the firm’s response to defendants’ pre-motion letters signified “that they have already begun to prepare to defend against Defendants’ forthcoming motion to dismiss.”

We are proud to be pioneers in litigation on behalf of retirement plan participants. To learn more about high-impact litigation handled by Schlichter Bogard & Denton, visit our website or contact our office.