Department of Labor sues developer for ERISA violation

The U.S. Department of Labor filed suit against an Indiana developer, Premier Properties USA Inc., in June claiming that the company violated the ERISA by taking money from its employees’ retirement accounts.  The company reportedly did so as an effort to save the developer from failing in early 2008.

The lawsuit names Premier Properties’ president and vice president of taking $46,000 from their employees’ 401(k) accounts between January and March of 2008.  U.S. Secretary of Labor Hilda L. Solis is ordering the company executives to repay the money.  In addition, Solis is prohibiting both from acting as fiduciaries to an ERISA plan in the future.

If you have questions about filing an ERISA lawsuit, contact the Indiana ERISA lawyers of Hankey Law Office P.C. at (800) 520-3633 today to learn more about the Employee Retirement Income Security Act.