Law firm resolves ERISA case, must repay $1M in worker retirement assets
A federal judge in Georgia has ordered a Savannah-based law firm to repay all of the $1 million in assets improperly transferred from worker retirement and pension plans.
A ruling last week also held that the Eichholz Law Firm and its former managing partner, Benjamin Eichholz, breached their fiduciary responsibilities under the Employee Retirement Income Security Act by lending and transferring assets to prohibited recipients, according to the Savannah Morning News.
Eichholz, who has been disbarred, and the firm must also pay a 20-percent civil penalty and are barred from acting as an ERISA fiduciary in the future.
Hat tip: Business Insurance.
Earlier coverage:
ABAJournal.com: “US Labor Dept. Files ERISA Suit Against Eichholz Law Firm and Ex-CEO”
Savannah Morning News: “Judge OKs further restrictions for Benjamin Eichholz”
