The U.S. Department of Labor is suing Michigan-based vehicle parts manufacturer Metavation LLC to restore more than $34 million in assets to two pension funds that were allegedly used in violation of the Employee Retirement Income Security Act.
George Hofmeister, chairman and director of Metavation, which is a subsidiary of Lexington, Ky.-based Revstone Industries LLC, and Bernard Tew, managing director of Tew Enterprises LLC and Bluegrass Investment Management LLC are named in the lawsuit. Tew Enterprises and Bluegrass Investment Management are named because they acted as investment advisers to the two plans.
"Retirees who rely on pension plans should not have to worry about whether these funds are secure," says Secretary of Labor Hilda L. Solis. "That is why those who are entrusted with managing pension funds are held to the highest legal standards and will be held accountable by the Labor Department if they violate that trust."
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
