The fiduciaries of a multiemployer retirement plan will have to make $4.7 million in restitution and interest payments after a federal judge in New Jersey ruled that the funds were improperly diverted.
James Doyle and Cynthia Holloway were identified by the Department of Labor as fiduciaries to the Professional Industrial Trade Workers Union Health and Welfare Fund.
The Cherry Hill, N.J., plan will eventually be closed. At one point, it had as many as 2,500 participants.
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