The Department of Labor has alleged that PBI Bank Inc. and the majority shareholder and sole member of the board of directors of AIT Holding Co. Inc., the parent company of a toxicology testing company, violated ERISA by allowing the company’s employee stock ownership plan to purchase 100 percent of the company’s equity for $90 million despite a reported tax value of $6.5 million, according to a complaint filed in a district court in Indiana (Perez v. PBI Bank, Inc., S.D. Ind., 1:14-cv-01429-SEB-MJD, complaint filed 8/29/14).
This is the second action filed by the DOL in the past ...
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