The Department of Labor has brought suit against the fiduciaries to two defined contribution plans sponsored by West Virginia-based steelmaker Severstal Wheeling Inc., alleging that imprudent investments resulted in a $7 million loss to participants.
The fiduciaries in the case were identified as Michael DiClemente and Dennis Halpin, both members of Severstal's investment committee, and Ronald LaBow, principal of WPN Corp., Severstal's outside advisor to the plans.
Severstal, based in Wheeling, West Virginia, itself filed suit against WPN and LaBow in February of 2010 in New York.
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.
Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
