Labor Department Sues Trucking Firm Over Forfeited 401(k) Funds

The Department of Labor alleged the owners of a Pennsylvania trucking company breached their fiduciary duty and improperly forfeited employee benefit contributions toward its 401(k) plan after providing incorrect payroll data to a third-party administrator.

Acting Labor Secretary Keith Sonderling filed a lawsuit on Friday in US District Court for the District of Delaware against Service Transport Group, Inc., and its executives accusing them of violating the Employee Retirement Income Security Act as fiduciaries of the company’s retirement plan. The company specializes in waste transport and is registered to do business in Delaware as a foreign corporation, according to ...