Please note: As of January 20, 2017, information in some news releases may be out of date or not reflect current policies.
US Labor Department sues Media, Pa., company and benefit plan trustees to restore assets to 401(k) plan
MEDIA, Pa. – The U.S. Department of Labor has filed a lawsuit against now defunct J.M. Singley & Associates Inc. of Media and the trustees of the company’s 401(k) plan, J. Brant Singley and Bradly Weiss, for violations of the Employee Retirement Income Security Act.
Filed in the U.S. District Court for the Eastern District of Pennsylvania, the suit alleges that from January 2007 to December 2008, the defendants failed to remit employee contributions to the plan or remitted certain contributions late and without interest. The suit seeks to restore to the plan all losses, including interest, lost opportunity costs and the cost of an independent fiduciary. The suit also seeks to permanently bar the defendants from serving in a fiduciary capacity to any employee benefit plan covered by ERISA.
“This case demonstrates a clear breach of fiduciary duty on the part of the plan’s trustees,” said Mabel Capolongo, regional director of the Labor Department’s Employee Benefits Security Administration in Philadelphia. “This legal action underscores our commitment to hold fiduciaries accountable when they fail to act in the best interest of plan participants.”
This case is part of EBSA’s national enforcement initiative to safeguard workers’ contributions to 401(k) and health benefit plans. The department’s legal action resulted from an investigation by EBSA’s Philadelphia Regional Office, and the case was filed by the Labor Department’s Philadelphia Office of the Solicitor.
Employers and workers can reach EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private sector pension and health plans. Additional information can be found at www.dol.gov/ebsa.
Solis v. J. Brant Singley et al.
Civil Action Number: 2: 11-cv-05175
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