Building Co. Hit With Record ERISA Fine Over Hidden Pension

By Jody Godoy (May 18, 2015, 9:08 PM EDT) -- A Bronx-based construction company agreed in New York federal court on Monday to pay $11 million, including record-setting Employee Retirement Income Security Act penalties, to settle a class action alleging the company hid the existence of a pension plan from hundreds of employees for more than a decade while its principals reaped benefits.

The plaintiffs allege that excavation and foundation company Mayrich Construction Corp. owners John Giacopelli, Richard Giacopelli and Joseph Scott created a stock ownership plan under the name Sentry Services Ltd. in 2003, but never told their employees about it.

Instead, the three used the plan's assets to pay...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Attached Documents

Related Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only


Subscribers Only

Nature of Suit

Subscribers Only


Subscribers Only

Date Filed

Subscribers Only

Law Firms

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!