U.S. Labor Department Obtains Judgment to Recover Nearly $1.2 Million for Miami-Based Employee Retirement Plan
U.S. Newswire, July, 2007
To: BUSINESS EDITORS
Contact: Gloria Della of the U.S. Department of Labor, 1-202-693- 8664, 1-202-693-4676
MIAMI, July 11 /PRNewswire-USNewswire/ -- The U.S. Department of Labor has obtained a default court judgment providing restitution of $1,154,848.25 plus interest to the profit-sharing retirement plan of Miami-based X-Ray Equipment Co., removing the company as a fiduciary to the plan and appointing an independent fiduciary to oversee it.
"These workers' retirement dreams were threatened by the mismanagement of their retirement plan," said Secretary of Labor Elaine L. Chao. "This legal action restores nearly $1.2 million to pay these workers retirement benefits and ensures the plan's future integrity by the appointment of an independent fiduciary."...
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