Tuesday, June 17, 2014

US Labor Department reaches $5.25M settlement with GreatBanc Trust

EBSA News Release: June 3, 2014
Contact Name: Mike Trupo or Laura McGinnis
Phone Number: (202) 693-6588 or x4653
Trupo.Michael2@dol.gov or McGinnis.Laura.K@dol.gov

Resolves valuation issues with Sierra Aluminum ESOP transaction
WASHINGTON — The U.S. Department of Labor has reached a $5.25 million settlement with GreatBanc Trust Co. resolving department allegations that the Lisle, Illinois-based company violated the Employee Retirement Income Security Act. In 2006, GreatBanc, as trustee to the Sierra Aluminum Co. Employee Stock Ownership Plan, allegedly allowed the plan to purchase stock from Sierra Aluminum's co-founders and top executives for more than fair market value.

Full Story: http://www.dol.gov/opa/media/press/ebsa/EBSA20141043.htm

No comments: