Court gives US Labor Department win in Triangle Labs 401(k) case

[Omaha Steve]

http://www.bizjournals.com/triangle/stories/2009/05/11/daily76.html

Friday, May 15, 2009, 2:56pm EDT |

The U.S. Department of Labor has obtained court judgments ordering that $97,317 in benefits be restored to the 401(k) retirement fund of now defunct Triangle Laboratories, an environmental and pharmaceutical testing company that filed for bankruptcy in 2004.

The judgments came in the wake of a civil suit filed in federal court in North Carolina against for fund overseers.

According to a release issued by the Atlanta office of the Employee Benefits Security Administration, defendants Joseph Morales, a former Triangle Laboratories chief operating officer, and Donald Harvan, a former Triangle Labs vice president, were ordered to restore $54,317 and $25,000 to the fund, respectively. Defendants Debbie Monaghan and Craig Stoke were ordered to restore $9,000 each.

Former company president J. Ronald Hass, in a consent order, was barred from serving as a fund fiduciary.

In March 2008, the court appointed Jeanne Bryant as independent fiduciary to oversee the plan’s assets.

FULL story at link.