Date of Action: Sept. 16, 2013
Name(s) of Defendant(s): John J. Koresko V, et al.
Allegations: The U.S. Secretary of Labor filed an Application for a Temporary Restraining Order and Preliminary Injunction in June as part of an ongoing 2009 lawsuit against Penn Mont Benefit Services Inc., Penn Public Trust, John J. Koresko V, and other defendants alleging violations of the Employee Retirement Income Security Act. The Application alleged the improper use of the assets of welfare benefit plans sponsored by employers nationwide by the defendants who served as plan fiduciaries.
Resolution: The U.S. Department of Labor has obtained a limited injunction order for a limited period removing the Bridgeport-based fiduciaries and appointing an independent fiduciary over the plans and associated trusts. Pursuant to the order, defendants John J. Koresko V, Penn Mont Benefit Services Inc., Penn Public Trust, Koresko Law Firm PC, and Koresko and Associates PC are removed from their positions with the Single Employer Welfare Benefit Trust, the Regional Employers Assurance League Voluntary Employees’ Beneficiary Association Trust, and the plans and employer arrangements participating in those trusts, until further order of the court. The order also enjoins these defendants until further order of the court from serving as administrator, fiduciary, officer, trustee, custodian, counsel, agent, representative, consultant or advisor to those plans and employer arrangements.
The order, following a hearing on Sept. 16, appoints The Wagner Law Group, based in Boston, Mass., as the independent fiduciary authorized to administer the plans, employer arrangements, SEWBPT and REAL VEBA during the period of the limited injunction. Wagner is directed to file a report with the court on or before October 28 with respect to the status of its work.
Court: United States District Court for the Eastern District Pennsylvania
Docket Number: 2:09-cv-00988
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.