A class suing over fees tied to a 401(k) plan administered by Pentegra Retirement Services Inc. was victorious in a rare ERISA jury trial Wednesday and was granted more than $38 million in damages.
The jury answered in the class’ favor and found that Pentegra owed $38,760,232, according to a minute entry in the US District Court for the Southern District of New York.
Nathan Stump, a partner with Schlichter Bogard LLC representing the class, said in a statement Thursday that the verdict represents a hard-fought victory that should be heralded as a “triumph of the American jury system.”
The ...