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.
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