The U.S. Department of Labor is attempting to recover $4.9 million for defined benefit plan participants of an Iowa iron casting foundry and a Michigan manufacturer.

The DOL’s Employee Benefits Security Administration filed a suit claiming the fiduciaries of the plans had breached their duty after an investigation found numerous purported violations of the Employee Retirement Income Security Act.

Those alleged violations included prohibited use of plan assets for the purchase and lease of company property, prohibited purchase of customer notes from affiliated companies, prohibited transfers of assets in favor of a party-in-interest, payment of excessive fees to service providers, payment of fees on behalf of the companies and failure to provide an updated summary plan description to participants.

The lawsuits name George S. Hofmeister, trustee of the Revstone Casting Fairfield GMP Local 359 pension plan and the Fourslides plan; Robert la Courciere and Pamela Babbish, former trustees to Fourslides’ pension plan; and Bernard Tew, managing director of investment service provider Bluegrass Investment Management LLC.

They also name Fairfield Casting LLC, formerly Revstone Casting Fairfield LLC, and Fourslides Inc., as well as Nelson Clemmons and William Tweardy, members of the Investment Committee for the Revstone Casting Fairfield plan.