Name(s) of Defendants: Island Organics Profit-Sharing Plan
Bank of America
Allegations: An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found the fiduciary of a profit-sharing plan of now-defunct Quality Botanical Ingredients Inc. failed to terminate the plan formally when the company ceased all business operations in December 2002.
LOS ANGELES – In a sweeping decision, a federal judge in Los Angeles has found that City National Corporation violated employee retirement laws when it chose its own staff to administer its employee retirement plan in exchange for millions of dollars of unchecked, unreasonably high compensation.
ATLANTA – A federal judge has entered a consent order expanding substantially the scope of a previous judgment and order between the U.S. Department of Labor and attorney David R. Johanson and his prior law firm, Johanson Berenson LLP, arising from their involvement in three Mississippi cases.
Traverse City, Michigan – The U.S. Department of Labor has sued the president and fiduciary of the 401(k) plan of Emergency Consultants Inc., Traverse City, for failing to forward contributions to the plan as soon as reasonably feasible, in violation of the Employee Retirement Income Security Act (ERISA).
Type of Action: The U.S. Department of Labor filed a lawsuit against Robert C. Tapscott and the Tapscott Group 401(k) Plan in Denver, Colorado, to seek appointment of an independent fiduciary to terminate the plan formally and enable the distribution of assets to plan participants.
Name(s) of Defendant: Robert C. Tapscott, Tapscott Group 401(k) Plan.
Type of Action: The U.S. Department of Labor filed a lawsuit against the following entities and individuals as fiduciaries to the Cactus Feeders Inc. Employee Stock Ownership Plan for causing the ESOP to pay tens of millions of dollars more than it should have paid for company stock: