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:
WASHINGTON — The Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council, will meet on March 16, 2016, at the U.S. Department of Labor’s headquarters at 200 Constitution Ave. NW, Room S-2508, Washington, D.C. 20210. The meeting will run from 9 a.m. to 3:30 p.m. eastern.
Names of Defendant: Applied Technology Systems Inc. and Clark V. Hayes, individually and as fiduciaries to the Applied Technology Systems Inc. Retirement Plan, and the Applied Technology Systems Inc. Retirement Plan.
Type of Action: Complaint and Consent Order and Judgment
Names of Defendant: Anthony Monaco, National Production Workers Union Severance Trust Plan
Allegations: From at least Jan, 1, 2010 to April 30, 2015, the trustees of the Oak Brook, Illinois-based National Production Workers Union Severance Trust Plan had appointed Anthony Monaco to serve as Plan Manager of the Severance Plan, in such capacity he served as a fiduciary to the Severance Plan.
Type of Action: U.S. Department of Labor filed a lawsuit against J.E. Keever Mortuary Inc. in Ennis, Texas, and its principal owner to recover $80,000 in missing retirement funds affecting five employees.
Name(s) of Defendant: J.E. Keever Mortuary Inc., David Keever and J.E. Keever Inc.’s SIMPLE IRA Plan.
Allegations: An investigation by the U.S. Department of Labor's Employee Benefits Security Administration, Kansas City Regional Office, resulted in the department filing a suit in federal court alleging violations of the Employee Retirement Income Security Act.
Names of Defendant: Earl Kaminski, AMI Associates Group Inc. 401(k) Plan
Allegations: From Oct. 1, 2008, to the present, Earl Kaminski was president and sole owner of AMI Associates Group Inc., and exercised authority and control over the management or disposition of the assets of the company's 401(k) plan.