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Post by bot on Oct 23, 2013 15:49:25 GMT -5
DOL recovers more than $4 million for employee stock ownership plan 10/23/2013 01:30 PM EDT The U.S. Department of Labor today announced that it obtained a consent order requiring the fiduciaries of the Parrot Cellular Employee Stock Ownership Plan to pay $4,181,818 to the plan. The settlement resolves a suit filed in April 2012 after an investigation by the department’s Employee Benefits Security Administration found violations of the Employee Retirement Income Security Act. The department alleged that plan fiduciaries caused or permitted the ESOP to purchase Parrot Cellular stock for more than fair market value. www.dol.gov/opa/media/press/ebsa/EBSA20131838.htm
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