EBSA News Brief
Office of Public Affairs Philadelphia PA
For Immediate Release: March 3, 2014
Contact: Joanna Hawkins or Leni Uddyback-Forston
Phone: (215) 861-5101 or (215) 861-5102
E-mail: email@example.com or firstname.lastname@example.org
Release Number: EBSA-14-012
US Labor Department sues Radford, Va.-based employer, pension plan
trustees to recover assets
Date of Action: Feb. 26, 2014
Name(s) of Defendants: Mark Kinser, Joyce Bennett, Unlimited Construction Inc.
Allegations: On Feb. 26, 2014, the department filed a lawsuit against the trustees and plan sponsor of the Unlimited Construction Inc. retirement plan. Mark Kinser was the sole owner and CEO of Unlimited Construction Inc., based in Radford, Va., as well as a plan trustee. Joyce Bennett was a plan trustee until approximately July 2011. The complaint alleges that on Aug. 10, 2010, Kinser withdrew $491,000 from the plan’s investment account. The check was made payable to Kinser and Bennett, who endorsed the check. The check was deposited into a personal banking account in Kinser’s name.
Resolution: The complaint seeks restitution to the plan for all losses due to the withdrawal of the $491,000, including lost opportunity costs; the appointment of an independent fiduciary to administer or terminate the plan; and an injunction removing the Unlimited Construction Inc., Kinser and Bennett as fiduciaries to the plan and permanently barring these parties from serving as fiduciaries to any plans covered by the Employee Retirement Income Security Act.
Court: United States District Court for the Western District of Virginia
Docket Number: 7:14-cv-00080
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling (202) 693-7828 or TTY (202) 693-7755.