Labor Department Sues Officers of Hudson, Ohio, Business To Recover 401(k) Plan Losses

Archived News Release — Caution: Information may be out of date.

Cleveland, Ohio - The U.S. Department of Labor has sued Harold Hopkins and Linda Hopkins, officers of Vista Financial Group Inc., Hudson, Ohio, in federal district court in Cleveland to recover 401(k) plan losses that resulted from fiduciary breaches by the Hopkins. Circle Trust Company also is named in the lawsuit because it is custodian of the plan’s assets.

“The department will act when plan fiduciaries fail to carry out their duty to protect the retirement plan assets held on behalf of participants,” said Joseph Menez, director of the department’s Cincinnati regional office of the Employee Benefits Security Administration (EBSA).

The lawsuit also asks that the court bar Harold and Linda Hopkins from serving as fiduciaries or service providers to any employee benefit plan covered by the Employee Retirement Income Security Act and appoint an independent fiduciary to administer the plan and, at the expense of the Hopkins, distribute the assets to participants and beneficiaries. The lawsuit and a subsequent motion to the district court ask the court to order Circle Trust Company to deposit the plan’s assets, totaling $120,285, with the clerk of courts.

The suit resulted from an investigation conducted by the Cincinnati regional office of EBSA. Employers and workers can reach the Cincinnati office at 859.578.4680 or through EBSA’s toll-free number, 1.866.444.EBSA (3272), for help with problems relating to private-sector retirement and health plans. In fiscal year 2005, EBSA achieved record monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.

Chao v. Hopkins
Civil Action No. 5:06cv0177

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Archived News Release — Caution: Information may be out of date.

Contact Name: Brad Mitchell
Phone Number: 312.353.6976