|
|
|
Release Date: 09/09/2004
Release Number: 04-205-CHI
Contact Name: Gloria Della
Phone Number: 202.693.8664
|
Printer Friendly
Version
|
|
|
|
Cleveland, Ohio - The U.S. Department of Labor
has sued executives of the Acme Arsena Company of Cuyahoga County for
allegedly transferring $765,000 in assets from the company’s retirement
plan for their own benefit. |
“This
Administration is committed to protecting the retirement security of
America’s workers, and we won’t hesitate to act when retirement plan
officials mismanage workers’ benefits,” said Secretary of Labor Elaine
L. Chao. “Last year, the Administration achieved record monetary results
recovering a total of $1.4 billion for retirement, 401(k), health and
other benefits.” |
John
V. Arsena, Victor J. Arsena and Frank J. Arsena, president and vice
presidents, respectively, violated their duties as trustees by allegedly
transferring the money to John and Victor Arsena. The lawsuit also alleges
that the asset transfers were not reported on the annual report that was
filed by plan fiduciaries. The department’s Cincinnati regional office
of the Employee Benefits Security Administration (EBSA) investigated the
case. |
The
suit, filed in federal district court in Cleveland, seeks to have the
defendants repay any losses and opportunity costs and offset their
accounts in the plan if necessary to repay the losses. The department also
seeks to permanently bar the defendants from serving any ERISA-covered
plan, to remove the defendants as trustees and to appoint an independent
fiduciary to oversee the plan. |
The
plan had 33 participants and $3,233,453 in assets as of December 31, 2002. |
Employers
and workers may contact the regional office at 859.578.4680 or through
EBSA’s toll free number, 1.866.444.EBSA (3272) for help with questions
about private-sector retirement and health plans. |
|
(Chao v. John V. Arsena)
Civil Action No. 5:04CV1796 |
|
U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7765 or TTY 202.693.7755. |
