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:: Monday, March 15, 2004 ::
Labor Department Obtains $2.4 Million Judgment Against Union Labor Life Insurance Co. and Investment Manager DOL, U.S. Newswire
The Labor Department sued the defendants on March 22, 2002, for violating the Employee Retirement Income Security Act (ERISA) when they imprudently used pension assets to purchase and develop a 120-acre tract of raw land in North Las Vegas into saleable building lots in 1995. The suit also alleges that Union Labor Life Insurance and TFA failed to properly investigate the merits of the real estate project and, ultimately, abandoned it in 1997 without selling any lots. The funds suffered losses when the property was sold in June 1999 for less than the amount of the investment.
TFA was the investment manager to the two funds sponsored by the Laborers International Union-the National Industrial Pension Fund and the Local Union and District Council Pension Fund. TFA hired Union Labor Life Insurance as a qualified professional asset manager to handle all real estate investments made on behalf of the funds.------------------------------------------- posted 6:35 PM :: reference link ::
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