Date of Action: July 29, 2014
Name(s) of Defendant(s): Gregory Ridge; Ridge & Long Limited Co.; and Ridge & Long Limited Co. 401(k) profit sharing plan & trust
Allegations: Based on an investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration, the Secretary of Labor filed a complaint alleging the following:
From Jan. 2, 2009 through Sept. 9, 2011, Ridge and the company, as fiduciaries to the plan, failed to ensure discretionary employee contributions to the plan were remitted and remitted on a timely basis. Instead, the complaint alleges that these employee monies were commingled with the general assets of the company.
Relief: The lawsuit seeks an order directing the defendants to restore all losses plus interest to the plan and permanently enjoining the company and Ridge from serving as fiduciaries or service providers to any plan covered by the Employee Retirement Income Security Act of 1974. The lawsuit also seeks the appointment of an independent fiduciary with the plenary authority to administer the plan and distribute its assets to participants.
Court: United States District Court for the Eastern District of Virginia
Docket Number: 1:14-cv-00964-CMH-IDD
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.