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Solis v. Frank Mitacek III, Susan Mitacek, Frank’s International, Inc. 401(k) Plan involving consent judgment and order for Frank’s International, Inc. 401(K) Plan in Bakersfield, Calif.
Date of Action: Oct. 25, 2011
Type of Action: consent judgment and order
Names of Defendants: Frank Mitacek III, Susan Mitacek, and the Frank’s International, Inc. 401(k) Plan.
Allegations: The defendants breached the fiduciary duties under ERISA by failing to remit, and remit timely, employee contributions and participant loan payments to the plan, causing losses to the plan of $21,853.91, including lost-opportunity costs.
Resolution: The court ordered the defendants to restore $21,853.91 to the plan, and permanently enjoined and restrained Frank Mitacek III and Susan Mitacek from violating ERISA and from serving as fiduciaries or service providers to any ERISA-covered plan. The court also ordered the defendants pay a penalty in the amount of twenty percent of the applicable recovery amount.
Court: U.S. District Court for the Eastern District of California, Fresno Division
Docket Number: 1:11-cv-00045-AWI-JLT
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