DOL Moves To Resolve ERISA Suit Against TEOHC

Law360, New York (January 4, 2010, 5:09 PM EST) -- The U.S. Department of Labor and several participants in The Employee Ownership Holding Co.’s employee stock ownership plan have tentatively settled their suit accusing the plan’s fiduciaries of violating the Employee Retirement Income Security Act by mismanaging the plan’s assets.

After weeks of settlement negotiations, the parties recently asked the court to consolidate the separate complaints involved so that it could decide "whether to approve the global resolution of both the (two participant) actions and the DOL action,” the motion stated.

Last week, Judge Ralph R....
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