A New Jersey architecture firm that lost retirement plan assets by investing in a troubled bank connected to the firm owner’s husband received federal court approval for a $2 million settlement with the Department of Labor.
The settlement includes a $1.8 million payment to the InterArch Inc. profit sharing plan and a $183,685 penalty payable to the Labor Department. The deal is in addition to a class settlement negotiated in a separate lawsuit brought by InterArch plan participants against the company, its owner Shirley Hill, and her husband Vernon Hill.
Judge Noel L. Hillman of the US District Court for ...
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