Federal court orders United Employee Benefit Fund’s former attorney and law firm to pay $883K in restitution to the fund, $176K in penalties

Summary:

A federal consent order and judgment have been issued, requiring three service providers of the United Employee Benefit Fund (UEBF) to restore $883,333 to the fund and pay $176,666 in penalties for violating the Employee Retirement Income Security Act (ERISA). The judgment is part of a lawsuit filed by the U.S. Department of Labor's Employee Benefits Security Administration, which alleged that the fund's fiduciaries and others misused over $2.8 million in fund assets and mismanaged the fund to near depletion. The incorrect use of fund assets included transfers to pay personal expenses, unreasonable compensation, and improper loans. The order bars the former attorney, L. Steven Platt, from serving as a fiduciary, trustee, administrator, or service provider to any ERISA-covered plan in the future.