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Release Date: 07/13/2001
Release Number: V-438
Contact Name: Gloria Della
Phone Number: 202.219.8921
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Cincinnati, Ohio - Twenty-one participants of
the Franklin International thrift pension plan of Columbus, Ohio, will
have $122,916.67 restored to their plan accounts as part of a consent
order and judgment obtained on July 12 by the U.S. Department of Labor. |
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Franklin International manufactures construction and
industrial glues and adhesives. The plan covered as many as 240
participants in 1995. |
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In a suit filed simultaneously with the judgment, the
department alleges that the corporation, corporate executives and plan
committee members violated their fiduciary duties under the Employee
Retirement Income Security Act (ERISA). Individuals named in the lawsuit
include executives Evan A. Williams, L. Thomas Williams, and George Hampl
and plan committee members Jeffrey M. Oglevee, Bruce Myers, William Spohn
and John Bergandine. |
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According to the suit, the defendants sold 8,800 shares
of corporate stock owned by the plan to the company in violation of
ERISA’s prohibited transaction provisions. |
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The court action resulted from an investigation
conducted by the Cincinnati Regional Office of the department’s Pension
and Welfare Benefits Administration into alleged violations of ERISA.
Cincinnati Regional Director Joseph Menez said, “This reaffirms our
commitment to protect the hard-earned benefits promised by employers.
Employers and workers can reach us at 859.578.4680 for help with any
problems relating to private-sector pension and health plans.” |
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(Chao v. Franklin International) |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7775. |
