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Judge orders fiduciary Ronald Bloomgren to restore more than $19,000 to the Earmold Design, Inc. 401(k) Savings Plan in Minneapolis, Minn.
Date of Action: Oct. 15, 2012
Type of Action: Judgment
Name of Defendants: Ronald Bloomgren, individually and as a fiduciary to the Earmold Design 401(k) Savings Plan
Allegations: The complaint alleged that from Jan. 4, 2008, through July 21, 2010, Bloomgren, in his fiduciary capacity, failed to ensure that employee contributions totaling $10,642.36 and loan repayments totaling $6,804 were remitted to the Earmold Design 401(k) Savings Plan. In addition, from Jan. 1, 2008, through Nov. 19, 2009, Bloomgren failed to ensure that $15,900.42 in participant contributions and $7,396 in loan repayments were timely remitted to the Plan. Bloomgren is the sole owner of Earmold Design.
Resolution: Bloomgren has been ordered to immediately pay $19,927.62 to restore all losses suffered by the plan as a result of his fiduciary breaches and prohibited transactions, including payment of lost opportunity costs resulting from fiduciary breaches. Bloomgren has also been permanently enjoined from serving as a fiduciary to any ERISA-covered employee benefit plan.
Court: United States District Court, District of Minnesota, Minneapolis, Minn.
Docket Number: 12-cv-01557
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.