Labor Dept. Helps Retirement Plans Recover Nearly $16M

Law360 (February 12, 2018, 10:31 PM EST) -- The U.S. Department of Labor on Friday announced it has recovered more than $7 million for three companies that suffered losses for future retirees as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC.

The three subsidiaries of U.S. Fiduciary Services — Salem Trust Company, Pennant Management Inc. and GreatBanc Trust Company — are responsible for 42 retirement plans that lost money after First Farmers' fraudulent investments. The DOL said Friday that in addition to the $7 million, the agreement and...
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