A judge has ordered Sunkist Growers Inc. and the company's retirement plan fiduciaries to restore $1.6 million in losses to employee benefit plans.
The U.S. Department of Labor sued the Sherman Oaks, Calif.-based company in the U.S. District Court for the Central District of California, alleging that from January 2006 through April 2011, the defendants improperly used plan assets to reimburse the company for expenses, including salaries and benefits for employees and managers working at Sunkist Growers.
The actions were in direct violation of the Employee Retirement Income Security Act, according to the court decision.
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