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In this article, Jenner & Block Partners Amanda S. Amert and Craig C. Martin examine the case of Thomas E. Perez v. City National Corporation. In City National, the United States District Court for the Central District of California recently ordered the disgorgement of all compensation received by the defendant out of plan assets for administering the ERISA plan as well as lost opportunity costs. City National is unique, the authors explain, “because as the administrator and recordkeeper of the plan, City National did in fact incur direct expenses. But, its failure to adequately track those expenses resulted in the forfeiture of any reimbursement for those costs whatsoever.” The authors give background of the case and offer practical implications.