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PBGC, DOL Band Together to Fight Alleged Fiduciary Abuse at Revstone
Pensions & Investments Link to more items from this source
July 22, 2013

"While it is not unusual for officials at the Labor Department and the PBGC to collaborate when they suspect defined benefit assets are being misused, 'what is unique is the size and high-profile nature' of the companies involved, said a PBGC official who declined to be identified.... Revstone, with plants and offices throughout North America, has been under civil and criminal investigation by [EBSA] for alleged fraud and financial mismanagement at several subsidiaries since 2009 in what EBSA officials say is a pattern of 'reckless behavior' that has cost the pension funds $39 million."

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