Date of Action:
Type of Action: Complaint
Names of Defendants:
The complaint charges defendant Needham with failing to give appropriate consideration to whether the investments or investment course of action was reasonably designed to further the purposes of the plan and failing to take into consideration the risk of loss and the opportunity for gain (or other return) associated with the investment or investment course of action. The defendant also failed to appropriately consider: the composition of the plan's investment portfolio with regard to diversification; the liquidity and return of the portfolio relative to the anticipated cash flow requirements of the plan; and the projected return of the portfolio relative to the funding objectives of the plan.
Resolution: The department is seeking a court order requiring the defendants to restore all losses to the plan, including interest; to disgorge any benefits or profits received by a fiduciary as a result of fiduciary violations; to set off any restitution or other monetary recovery, which defendants may be ordered to pay, against any claims which they may have against the plan, including any claims for benefits; and to remove defendants from their positions as fiduciaries with respect to the plan, and permanently bar them from serving as fiduciaries for, or having control over the assets of, any employee benefit plan subject to Employee Retirement Income Security Act.
Docket Number: 3:14-cv-00171
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