The Department of Labor has been busy in January, winning a judgment to restore $1.3 million to plan participants at one now-defunct company and filing suit in four other cases on behalf of workers.
The judgment came after the agency filed suit last July on behalf of participants in the Ants Software Inc. 401(k) plan, after the Dunwoody, Georgia company ceased operations in February of 2013 and the fiduciary, Rik Sanchez, engaged in some distinctly unfiduciary-like behavior.
According to the agency, after the company ceased operations, Sanchez informed the plan's third-party administrator, Aspire Financial Services Inc., that the plan was being terminated and requested that Aspire distribute plan assets to the plan participants.
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