The Department of Labor has brought suit against the fiduciaries to two defined contribution plans sponsored by West Virginia-based steelmaker Severstal Wheeling Inc., alleging that imprudent investments resulted in a $7 million loss to participants.
The fiduciaries in the case were identified as Michael DiClemente and Dennis Halpin, both members of Severstal's investment committee, and Ronald LaBow, principal of WPN Corp., Severstal's outside advisor to the plans.
Severstal, based in Wheeling, West Virginia, itself filed suit against WPN and LaBow in February of 2010 in New York.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
