DOL Slaps Calif. Company With ERISA Suit

Law360, New York (November 14, 2008, 12:00 AM EST) -- The U.S. Department of Labor has sued fiduciaries of The Employee Ownership Holding Co.'s employee stock ownership plan for mismanaging the plan's assets, causing financial harm to the plan's participants in violation of the Employee Retirement Income Security Act.

Stockton, Calif.-based TEOHC was a holding shell for sheet metal and plastics manufacturing companies that has sold all of its businesses and currently holds only cash, according to a Department of Labor spokesman.

The suit, filed Thursday in the U.S. District Court for the Eastern District of...
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