DOL Sues Firm For $25M For ERISA Violations

Law360, New York (April 11, 2008, 12:00 AM EDT) -- The U.S. Department of Labor has filed a suit on behalf of five pension funds, alleging that a Chicago investment firm bilked them out of more than $25 million.

In a case filed on Friday in the U.S. District Court for the Northern District of Illinois, the DOL alleges that AA Capital Partners Inc. defrauded five Michigan pension funds by misusing their assets to benefit executives.

The suit also claims that AA Capital charged excessive fees to Carpenters Pension Trust Fund of Detroit and Vicinity, Operating...
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