Labor Department Settles Suit Over Sports Agency Retirement Plan

Sports agent Carl Poston has agreed to settle a Labor Department lawsuit saying he mishandled more than $111,000 worth of his employees’ retirement savings.

The department asked Judge Charles Eskridge of the US District Court for the Southern District of Texas to approve a consent judgment holding Poston personally liable for about $109,000 in improperly withdrawn retirement plan funds and lost opportunity costs related to those funds. The agreement, which acknowledges Poston’s current inability to pay this amount, requires him to make future payments if his financial condition permits, and it allows the department to bring a collection action against ...