Judge Rules that Schlichter Bogard & Denton 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.”
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