The U.S. Department of Labor has obtained a preliminary injunction against two Lexington, Ky.-based pension plan fiduciaries for allegedly using nearly $40 million of retirement funds as their own personal bank account.

George Hofmeister and Bernard Tew of Bluegrass Investment Management LLC – former fiduciaries of the Hillsdale Salaried, Hillsdale Hourly, Revstone Casting Fairfield GMP Local 359 and Fourslides Inc. pension plans based in Lexington, Ky. – were accused of engaging in a series of prohibited transactions resulting in the misuse of $12.1 million form the Hillsdale Salaried pension plan, about $22.5 million for the Hillsdale Hourly pension plan, $4.4 million from the Revstone plan and $500,000 from the Fourslides Inc. pension plan.

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