Midlands Can Keep Award Over $5.76M Retirement Plan Theft

Law360 (January 5, 2021, 5:16 PM EST) -- A Colorado federal judge has upheld an arbitration award issued after Midlands Management Corp. successfully challenged Matrix Trust Co.'s role in the theft of $5.76 million from a former Midlands sister company's retirement plan, ruling that Matrix blew its chance to fight the award.

In an order issued Monday confirming the award, which had handed Midlands an undisclosed sum, U.S. District Judge William J. Martinez said Matrix didn't give Midlands a heads-up that it was challenging the award, forcing the judge to uphold Midlands' win.

"The Midlands parties state that Matrix never served them with notice of its petition to vacate...

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