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View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Press release:

DOL Secures Consent Judgment Appointing Independent Fiduciary to Distribute $966K in 401(k) Assets of Defunct Pennsylvania Biopharma Company

Issued by: Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Date: Mar. 23, 2016

Date of Action: March 8, 2016

Name(s) of Defendants: Encorium Group Inc., formerly a global clinical research company

Allegations: On Sept. 29, 2015, the U.S. Department of Labor filed a complaint to remove Encorium Group Inc., as fiduciary of the companyís 401(k) plan after an investigation by the departmentís Employee Benefits Security Administration. The agency found the company ceased all business operations on or about October 2009, but failed to take the appropriate steps to terminate the plan. Since then neither the company, nor any former officers of the company, have taken fiduciary responsibility for the planís operation and administration.

As of May 12, 2015, the plan had 33 remaining participants with individual account balances totaling $966,752.08. The planís assets are currently held by State Street Bank and Trust.

Resolution: On March 8, 2016, the court approved a consent judgment removing the company as plan fiduciary and appointing Saakvitne Law Corp., as the planís independent fiduciary. The judgment authorizes the Santa Monica, California-based Saakvitne to administer the plan, distribute plan assets to all affected participants and terminate the plan.

Court: U.S. District Court for the Eastern District of Pennsylvania

Docket Number: 15-5365-TJS


View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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