|
 Printer Friendly Version
Release Date: December 14, 2007
Release Number: 07-1873-PHI (osha 07-209)
Contact Name: Leni Fortson
Phone Number: 215.861.5102
Willow Grove, Pennsylvania – A federal judge
has ordered the McFaul & Lyons Group LLC, and its chief executive
officer and trustee, James Edler, to restore $153,111 in losses and
interest to the company’s 401(k) plan.
The U.S. Department of Labor filed suit against the
company in February after an investigation conducted by the department’s
Employee Benefits Security Administration (EBSA) found that Edler was
not forwarding employee contributions and loan repayments to the plan as
required under the Employee Retirement Income Security Act (ERISA).
“The Labor Department is committed to protecting
the benefits of America’s workers and retirees,” said Bradford P.
Campbell, assistant secretary of labor for EBSA. “We will not hesitate
to act when plan fiduciaries fail to act in the best interests of plan
participants and beneficiaries.”
In addition to the restitution, the default judgment,
entered in the U.S. District Court for the Eastern District of
Pennsylvania, removes Edler and the company as fiduciaries of the plan
and permanently enjoins them from serving as trustees, fiduciaries,
advisors or administrators to any ERISA-covered employee benefit plan.
JM Pension Advisory Inc. of Derwood, Md., has been appointed as
independent fiduciary for the plan with authority to liquidate it and
distribute benefits to plan participants and beneficiaries.
Employers and workers can reach EBSA’s Philadelphia
Regional Office at 215.861.5300 or toll-free at 1.866.444.EBSA (3272)
for help with problems relating to private sector retirement and health
plans. Information is also available on the agency’s Web site at
www.dol.gov/ebsa.
Chao v. Edler
Civil Action Number: 2:07-cv-379
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7828 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page.
|
