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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Sunday, February 15, 2004 ::
Labor Department sues union trustees By Rachel Brand, Rocky Mountain News
The department's suit says trustees of Sheet Metal Workers No. 9 Health and Welfare Fund as well as those of Operating Engineers Health and Welfare Trust Fund violated ERISA laws by investing plan assets in risky private placements managed by Capital Consultants, including loans to Wilshire.
The trustees also violated fund rules by investing in collateralized notes, the suit says.
Collateralized notes are loans whose collateral consists of the borrowers' potential revenue from future sales, and the notes were prohibited by the fund's investment policy.------------------------------------------- posted 8:32 AM :: reference link ::
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