U.S. Department of Labor obtains judgment ordering removal of fiduciary for the Pallet Holdings LLC 401(k) Plan in Indianapolis

Date of Action: June 17, 2013

Type of Action: Default Judgment

Names of Defendants: Pallet Holdings, LLC; Pallet Holdings, LLC 401(k) Plan and Brandon Bush, individually and as a fiduciary of the Plan

Allegations: From July 29, 2008, through Aug. 18, 2011, Bush acted as the administrator of the Pallet Holdings, LLC 401(k) Plan.  From Aug.18, 2011, to present, Bush has not taken any fiduciary responsibility for the operation and administration of the plan and its assets and has not provided for an eligible successor individual or entity to administer the plan. 

As of April 9, 2012, the plan had 37 participant accounts and two forfeiture accounts containing a total of $55,917.02 in plan assets.

Resolution: The Department of Labor has obtained a judgment that removes Bush from his position as a fiduciary for the Pallet Holdings, LLC 401(k) Plan and permanently enjoins Bush from serving as a fiduciary or service provider to any ERISA-covered employee benefit plan.  The judgment also appoints an independent fiduciary to terminate the plan and distribute its assets to eligible participants and beneficiaries.

Court: Southern District of Indiana, Indianapolis Division, Indianapolis, Ind.

Docket Number: 1:13-cv-00327-SEB-DML

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.