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:: Saturday, August 07, 2004 ::
Labor Dept. Settlement Ousts Plumbers' Officials As Pension Fund Trustees By Sherie Winston, McGraw-Hill Construction | ENR
Nearly two years after the Labor Dept. filed a lawsuit charging trustees of the Plumbers and Pipefitters National Pension Fund with mismanaging the plan's substantial investment in the Diplomat Resort & Spa in Hollywood, Fla., the department says it has reached a settlement, removing four trustees and requiring them to pay $10.98 million in penalties.
The settlement, announced Aug. 3, resolves allegations against the trustees, who include plumbers’ union President Martin J. Maddaloni and General Secretary-Treasurer Thomas Patchell. The settlement, which still must be approved by federal district court in Ft. Lauderdale, Fla., does not require either official to resign his union post.------------------------------------------- posted 7:57 AM :: reference link ::
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