U.S. Labor Department Lawsuit Compels New Britain, Conn., Company Repayment of $2.1 Million to Retirement Plan
U.S. Newswire, June, 2007
To: LEGAL AFFAIRS EDITORS
Contact: John M. Chavez of the U.S. Department of Labor, 1-617- 565-2075
NEW BRITAIN, Conn., June 5 /PRNewswire-USNewswire/ -- New Britain- based Macristy Industries Inc. and company president Jeffrey B. Barlow have paid $2.1 million to the Macristy Industries Inc. Cash Balance Retirement Income Plan under a consent judgment and order resolving a lawsuit filed by the U.S. Department of Labor alleging violations of the Employee Retirement Income Security Act (ERISA).
"Workers' retirement plans are not piggy banks for company executives," said Secretary of Labor Elaine L. Chao. "This legal action restores $2.1 million to these workers' retirement plan and prohibits the company's president from ever again serving as a fiduciary of an...
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