Dover, DEThe US Department of Labor has filed a lawsuit against the former president of Owen Printing Dover Inc. for a failure to remit employee contributions to the company's 401(k) plan, which was a violation of the Employee Retirement Income Security Act, or ERISA.
According to the Dover Post, the lawsuit alleges that David Owen did not remit the contributions to the plan, remitted some contributions late without interest and did not separate the plan's assets from the company's general assets.
The violations are alleged to have occurred from May 2003 through April 2006, according to the news provider.
"We will hold plan fiduciaries accountable when they jeopardize employees' retirement savings," said Mabel Capolongo, regional director of the department's Employee Benefits Security Administration in Philadelphia. "They have a legal obligation to protect the interests of the participants they represent."
The lawsuit was filed in US District Court for the District of Delaware and is seeking to restore losses and potential lost-opportunity costs to the plan, according to the news source.
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