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Release Date: February 12, 2009
Release Number: 09-147-CHI
Contact Name: Brad Mitchell or Scott Allen
Phone Number: 312.353.6976
Mokena, Illinois – The U.S. Department of
Labor has sued the chief executive officer and fiduciary to the
retirement plan of TMG National Holdings for improperly using plan
assets withheld from employees’ pay for the benefit of the company and
other violations of the federal Employee Retirement Income Security Act
(ERISA).
The department’s lawsuit alleges that in various
periods during 2006, Michael Campo, chief executive officer of TMG,
caused the company to retain participant contributions intended for the
retirement plan or failed to remit contributions in a timely fashion.
The department also alleges that Campo caused the retirement plan to
engage in transactions that caused plan assets to be transferred to a
party in interest in violation of ERISA. The suit seeks to recover all
assets owed to the retirement plan.
“The department will continue to help workers get
their benefits when plan assets are either misused or the plans are
abandoned,” said Steve Haugen, director of the department’s Chicago
Regional Office of the Employee Benefits Security Administration (EBSA),
which investigated the case.
The suit was filed in federal district court in
Chicago. Employers and workers can reach EBSA’s Chicago Regional
Office at 312.353.0900 or toll-free at 866.444.3272, for help with
problems relating to private sector retirement and health plans.
In fiscal year 2008, EBSA achieved monetary results
of $1.2 billion related to pension, 401(k), health and other benefits
for millions of American workers and their families.
Secretary of Labor v. Michael Campo
Civil Action Number 08-01277
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