Court orders default judgment requiring fiduciary to restore losses to TS Randall Company LLC Retirement Savings Plan in Columbus, Ohio
Date of Action: May 20, 2013
Type of Action: Default Judgment
Names of Defendant: Tracy S. Randall, as a fiduciary to the TS Randall Company LLC Retirement Savings Plan, TS Randall Company LLC and the TS Randall Company LLC Retirement Savings Plan.
Allegations: Randall, in his capacity as a plan fiduciary, failed to remit $3,833.47, and failed to timely remit $27,649.32, in participant contributions and participant loan payments, to the plan. By failing to remit the amounts to the plan, Randall allowed these funds to remain part of the company's general assets and used for business expenses. The company ceased business operations in August of 2011.
Resolution: The judgment requires Randall and the company to restore $5,013.99, to the plan representing $3,833.47 in unremitted participant contributions and participant loan payments and $1,180.52 in interest on the unremitted and untimely remitted participant contributions and participant loan payments. The judgment further requires that Randall be permanently enjoined from serving as a fiduciary or service provider to any ERISA-covered plan.
Court: United States District Court Southern District of Ohio, Eastern Division, Columbus, Ohio
Case: Seth D. Harris, Acting Secretary of Labor, Successor to Hilda L. Solis, United States Department of Labor v. Tracy S. Randall, TS Randall Company LLC and TS Randall Company LLC Retirement Savings Plan
Docket Number: 2:12-cv-00920
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