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Independent fiduciary appointed in US Labor Department suit against 401(k) Profit Sharing Plan fiduciaries of defunct Fremont, Calif. company OPT, Inc.
Date of Action: April 7, 2013
Type of Action: Stipulation and Order
Name(s) of Defendant: OPT, Inc.; Joyce Olszewski, the executor of the estate of Anthony Olszweski; Joycelyn Tran; Jonathan Jones; and the OPT, Inc. 401(k) Profit Sharing Plan.
Allegations: In the complaint filed in September 2010 in the Northern District of California, the Secretary of Labor alleged that between 2003 and 2006, defendants OPT Inc., Jonathan Jones, Joycelyn Tran and Anthony Olszewski were fiduciaries of the OPT, Inc. 401(k) Profit Sharing Plan (Plan). The secretary further alleged that the plan’s fiduciaries breached their duty to the plan’s participants and beneficiaries by failing to remit to the plan approximately $44,609 in 401(k) withholdings.
Resolution: On May 2, 2011 a default judgment was entered against defendants Joycelyn Tran and Jonathan Jones. On May 14, 2012, a consent judgment was entered into by the company and Joyce Olszweski, the executor of the estate of defendant Anthony Olszweski, whereby the court ordered the defendants jointly and severally liable to pay the plan the $44,608.94, including lost interest as a result of their fiduciary breaches to the plan.
On April 7, 2013, the court removed the company and Joyce Olszweski as plan fiduciaries and appointed M. Larry Lefoldt, of Lefoldt & Co., as the plan’s independent fiduciary. Lefoldt will be responsible for collecting, paying out and administering all of the plan’s assets and taking further action with respect to the plan as appropriate, including terminating the plan when all of its assets are distributed to plan participants and beneficiaries.
Court: United States District Court, Northern District of California
Docket Number: 10-CV-04363 JW
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