February 28, 2022
US Department of Labor alleges fiduciaries for a Chicago-area employee benefit plan misappropriated more than $2.8M of plan assets
CHICAGO – The U.S. Department of Labor has asked a federal court in Illinois to hold fiduciaries of the United Employee Benefit Fund, along with its counsel, liable for more than $2.8 million in losses after an investigation found they allowed the misappropriation of the fund’s assets. A Chicago-based multiple employer welfare arrangement, UEBF provides life insurance benefits to about 63 nationwide employer-sponsored benefit plans.