Labor dept. sues to help ex-foundry workers

[Omaha Steve]

http://www.bizjournals.com/buffalo/stories/2008/04/14/daily6.html

Monday, April 14, 2008 - 1:01 PM EDT

The U.S. Department of Labor is asking a federal court to appoint an independent fiduciary to oversee the abandoned 401(k) plan for workers at the defunct Pohlman Foundry Co. Inc.

A lawsuit, filed with the U.S. District Court for the Western District of New York, said that the company sponsored the plan until October 2002 when five individuals stopped performing fiduciary responsibilities and failed to appoint a successor. The labor department said because no one is overseeing the plan, participants cannot access accounts.

According to the labor department the account totals $20,848. 69 and has six participants, most of whom are former employees.