Perez v. DTK Computer, Inc. involving abandoned plan of defunct City of Industry, Calif., technology company

Date of Action: Aug. 5, 2013

Type of Action: Complaint

Names of Defendants: DTK Computer Inc., DTK Computer Inc. 401(k) Plan

Allegations: Prior to ceasing operations in 2002, DTK Computer Inc., plan administrator of the DTK Computer Inc. 401(k) Plan, failed to take steps to ensure the continuing prudent administration of the plan.  DTK violated ERISA by failing to take control of the plan's assets, including taking appropriate measures to allow for distribution of these assets to the plan's participants and beneficiaries, and to terminate the plan.  As of May 5, 2013, the plan had 25 participants and $33,611 in assets.

Resolution: The secretary of labor asks the court to remove DTK from its position as the plan administrator and fiduciary of the plan, and to appoint an independent fiduciary with discretionary authority to administer the plan including distributing plan assets to the participants and beneficiaries, and to terminate the plan. 

Court: U.S. District Court for the Central District of California

Docket Number: 13-cv-05644-DSF-SS

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