US Labor Department sues president of defunct Dover, Del., printing company for failing to forward employee contributions to 401(k) plan

DOVER, Del. – The U.S. Department of Labor has sued David Owen, the former president of defunct Owen Printing Dover Inc., for failure to remit employee contributions to the company’s 401(k) plan in violation of the Employee Retirement Income Security Act.

The lawsuit alleges that Owen failed to remit employee contributions to the plan, remitted certain employee contributions late without interest and failed to segregate the plan’s assets from the general assets of the company. The alleged violations occurred from May 2003 through April 2006.

“We will hold plan fiduciaries accountable when they jeopardize employees’ retirement savings,” said Mabel Capolongo, regional director of the department’s Employee Benefits Security Administration in Philadelphia, Pa. “They have a legal obligation to protect the interests of the participants they represent.”

The company established the plan in April 2003 and has since ceased operations.

Filed in the U.S. District Court for the District of Delaware, the suit seeks to restore to the plan all losses and lost opportunity costs, permanently enjoin Owen from serving directly or indirectly as a fiduciary to any employee benefit plan covered by ERISA, and appoint an independent fiduciary to manage and administer the plan.

This legal action resulted from an investigation conducted by EBSA’s Philadelphia Regional Office. Employers and workers can contact the regional office at 215-851-5300 or toll-free at 866-444-3272 for help with problems relating to private sector pension and health plans. In fiscal year 2009, EBSA achieved monetary results of $1.3 billion in pension, 401(k), health and other benefits for millions of American workers and their families.

Solis v. Owen
Civil Action Number: 1:10-cv-00926

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