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DOL Sues San Francisco's California Pacific Bank: Nearly $1.4 Million in ESOP Assets Allegedly Mismanaged
U.S. Department of Labor [DOL] Sept. 3, 2013
Excerpt from DOL press release: "The department alleges that after terminating the ESOP in 2010, the fiduciaries violated [ERISA] by failing to liquidate and distribute plan assets in cash to plan participants as required. Because the bank is not a publicly traded company, participants were left with shares of the company's stock they could not easily liquidate for cash, if at all. Agency investigators determined that the participants would have received approximately $1.24 million if the plan's 97,237 shares had been liquidated and distributed in cash at their assessed December 2009 value."
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