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
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.