The U.S. Department of Labor has received a summary judgment ordering the defunct West Chester, Pa.-based Compass Capital Partners Ltd. and owner, Harris M. DeWese, to restore $661,206 to the company's retirement plan.

The judgment puts an end to a lawsuit filed by the DOL in August 2011 that cited violations of the Employee Retirement Income Security Act.

The suit came after an investigation by the DOL's Employee Benefits Security Administration, which discovered DeWese withdrew plan funds eight times between October 2006 and October 2007, and then deposited them into his personal account as well as a Compass Capital Partners bank account. Those funds were used by DeWese to pay the company's operating expenses, and a portion was transferred to Tampa, Fla.-based Hillsboro Printing, a company in which DeWese was a shareholder. Compass Capital Partners has since terminated operations, and the plan could not pay benefits to retired participants because of DeWese's actions.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.