US Labor Department obtains court-appointed independent fiduciary for employee retirement plan of defunct Philadelphia company

PHILADELPHIA — The U.S. Department of Labor has obtained a default judgment appointing an independent fiduciary to manage the employee retirement savings plan of defunct Janbridge Inc., formerly located in Philadelphia.

Under the judgment, entered in the U.S. District Court for the Eastern District of Pennsylvania, Metro Benefits Inc. of Pittsburgh was appointed as the independent fiduciary with authority to manage the plan, distribute assets to plan participants and beneficiaries, and terminate the plan.

The judgment resolves a lawsuit filed by the Labor Department alleging that Janbridge Inc. violated the Employee Retirement Income Security Act. The suit charged that after the company ceased operations in 1995, the fiduciaries failed to terminate the plan and distribute its assets, which are valued at $24,549.78.

“A company’s legal obligation to its employee retirement plan does not end when the company goes out of business,” said Mabel Capolongo, regional director of the Labor Department’s Employee Benefits Security Administration in Philadelphia. “We took action to ensure that the plan is properly managed and participants will be paid their hard-earned retirement assets.”

The suit resulted from an investigation conducted by EBSA’s Philadelphia Regional Office. The case was litigated by the department’s regional solicitor in Philadelphia. Employers and workers can contact EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with any problems relating to private sector pension and health plans. Additional information can be found at http://www.dol.gov/ebsa.

Solis v. Janbridge Inc.
Civil Action Number: 2:10-cv-07173-JCJ

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