Engineering Co. Can't Renege On $2M Deal, Judge Rules

By Braden Campbell (January 23, 2017, 6:05 PM EST) -- An engineering company must pay more than $2 million to the trustees of four Employee Retirement Income Security Act plans in accordance with a binding memorandum of understanding, despite the parties' failure to reach and sign a final settlement, a California federal court has ruled.

In a decision Thursday, U.S. District Judge Christina A. Snyder said Smith-Emery Co. had intended for its September agreement with the retirement plan trustees to resolve two suits over allegedly unpaid contributions to the funds, and its later claims the pact's provisions are unacceptable can't change that.

"What SEC [Smith-Emery Co.] claims it would agree to...

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