DOL Bristles At Mortgage Lenders' Liquidation Plan

Law360, New York (January 22, 2009, 12:00 AM EST) -- The U.S. Department of Labor has objected to the liquidation plan proposed by Mortgage Lenders Network USA Inc., contending the plan may let the debtors duck out on amassed health plan claims in violation of the Employee Retirement Income Security Act.

The DOL lodged the objection Wednesday in the U.S. Bankruptcy Court for the District of Delaware, arguing that the liquidation plan, slated for confirmation on Feb. 3, lacks necessary language holding the debtor responsible for roughly $650,000 in unpaid medical claims incurred by the subprime...
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