US Labor Department sues Wisconsin-based Coin Builders LLC and president to recover more than $1.3 million for company’s profit-sharing plan
WISCONSIN RAPIDS, Wis. — The U.S. Department of Labor has sued Coin Builders LLC of Wisconsin Rapids and its president, Joseph Kreeger, to restore more than $1.3 million plus interest to the company's profit-sharing plan. The case resulted from an investigation by the department's Employee Benefits Security Administration into alleged violations of the Employee Retirement Income Security Act.
"The Labor Department is committed to ensuring workers can keep what they earn. And we will hold companies and their executives accountable when they ignore their responsibilities as fiduciaries and put workers' hard-earned retirement income at risk," said Secretary of Labor Hilda L. Solis.
The lawsuit, filed in U.S. district court in Madison, alleges that Kreeger improperly transferred $1.3 million in plan assets to a Coin Builders LLC bank account. Kreeger also allegedly handled plan assets without being bonded as required by ERISA.
The suit seeks a court order to restore money owed to the plan, correct transactions prohibited by law, remove Kreeger and Coin Builders LLC from serving as fiduciaries to the plan, and permanently bar them from serving as fiduciaries to any ERISA-covered plan in the future. It also asks the court to appoint an independent fiduciary to terminate the plan and to distribute the plan's assets to eligible participants and beneficiaries.
The case was litigated by the department's regional solicitor in Chicago. Employers and workers can reach EBSA's Chicago office at 312-353-0900 or toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at http://www.dol.gov/ebsa.
Solis v. Joseph Kreeger
Civil Action Number: 11-cv-00148-bbc
"The Labor Department is committed to ensuring workers can keep what they earn. And we will hold companies and their executives accountable when they ignore their responsibilities as fiduciaries and put workers' hard-earned retirement income at risk," said Secretary of Labor Hilda L. Solis.
The lawsuit, filed in U.S. district court in Madison, alleges that Kreeger improperly transferred $1.3 million in plan assets to a Coin Builders LLC bank account. Kreeger also allegedly handled plan assets without being bonded as required by ERISA.
The suit seeks a court order to restore money owed to the plan, correct transactions prohibited by law, remove Kreeger and Coin Builders LLC from serving as fiduciaries to the plan, and permanently bar them from serving as fiduciaries to any ERISA-covered plan in the future. It also asks the court to appoint an independent fiduciary to terminate the plan and to distribute the plan's assets to eligible participants and beneficiaries.
The case was litigated by the department's regional solicitor in Chicago. Employers and workers can reach EBSA's Chicago office at 312-353-0900 or toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at http://www.dol.gov/ebsa.
Solis v. Joseph Kreeger
Civil Action Number: 11-cv-00148-bbc
Comments
Post a Comment