US Department of Labor files complaint to restore loss to T.S. Randall Company, LLC Retirement Savings Plan in Columbus, Ohio

Date of Action: Oct. 5, 2012  

Type of Action: Complaint

Name of Defendant: Tracy S. Randall, T.S. Randall Company LLC, T.S. Randall Company LLC Retirement Savings Plan

Allegations: Randall, in his capacity as fiduciary of the T.S. Randall Company LLC Retirement Savings Plan failed to remit participant contributions and participant loan repayments totaling $3,833.47 to the plan from Nov. 16, 2010, through July 26, 2011, and for pay periods ending Dec. 29, 2009, March 23, 2010, and July 13, 2010. Additionally, Randall failed to timely remit $27,856.33 in participant contributions and participant loan repayments to the plan from Oct. 21, 2008, through Nov. 2, 2010.  These contributions were used for business expenses of T.S. Randall Company. The company ceased operations in August 2009.

Resolution: The complaint asks the court to order Randall to restore all losses to the plan, including lost opportunity costs, resulting from the fiduciary breach, and to permanently bar Randall from serving as a fiduciary to any ERISA-covered employee benefit plan. In a related action filed Oct.  2, 2012 in bankruptcy court, the Department requests that the debt not be dischargeable under Randall’s bankruptcy filing.

Court: United States District Court Southern District of Ohio, Columbus

Docket Number: 2:12-cv-00920

U.S. Department of Labor materials are accessible at www.dol.gov.  The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.