October 29, 1999
Labor Department Sues Albuquerque Officials For Violations Affecting Employee Stock Ownership Plan
Archived News Release — Caution: Information may be out of date.
The U. S. Department of Labor has sued Albuquerque, N.M.-based Reams Communications, Inc. doing business as ValuLine Long Distance, and its officials for a series of prohibited transactions that have reduced the value of the company-sponsored employee stock ownership plan (ESOP).
The ESOP was established by Reams Communications in January 1, 1992. It had 102 participants and $1,093,631 in assets as of Dec. 31, 1995.