Benefits & Executive Comp

Labor Department Recovers $750,000 for Workers in Stock Plan Row

Jan. 13, 2021, 3:51 PM

Professional Fiduciary Services LLC will contribute $750,000 to a construction industry publisher’s employee stock ownership plan, resolving a Labor Department lawsuit challenging the company’s role in a $26.7 million stock deal, according to an order issued in Manhattan federal court.

The consent order, negotiated by the DOL and signed Tuesday by Judge Kenneth M. Karas of the U.S. District Court for the Southern District of New York, resolves a lawsuit accusing PFS of violating the Employee Retirement Income Security Act in its role as trustee for the Contractors Register Inc. stock plan.

According to the DOL, PFS negotiated a 2012...

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