Thursday, January 22, 2015

Fiduciaries of national multi-employer benefit plan based in Cherry Hill, N.J., ordered to pay $4.7 million in assets and interest

US Labor Department found defendants operated plan for fake union
CHERRY HILL, N.J. — A federal judge has found the fiduciaries of a defunct national multi-employer benefit plan based in Cherry Hill, are liable for approximately $4.7 million in assets that were improperly diverted. James Doyle and Cynthia Holloway, fiduciaries to the Professional Industrial Trade Workers Union Health and Welfare Fund, must make restitution to the plan, with interest, for violating the Employee Retirement Income Security Act.

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