Employee retirement funds restored, $106K

Date of Action: June 16, 2015

Type of Action: Consent Judgment

Name of Defendant: The Estate of Richard Talley and American Title Services Retirement Trust

Allegations: Based on an investigation conducted by the U.S. Department of Labor's Employee Benefit Security Administration regarding a complaint filed on June 27, 2014 alleging:

Before his death, Richard M. Talley, in his capacity as trustee and fiduciary of the American Title Services Retirement Trust, at varying times from January 2008 through February 2014, failed to segregate $62,231 from the general assets of American Title Services Co. Inc. in Greenwood Village, Colorado, and forward the funds to the retirement plan. Additionally, at varying times from January 2008 through February 2014, American Title Services failed to forward employee elective deferrals in a timely manner causing an estimated $39,164 in lost earnings to the retirement plan.

Resolution: Pursuant to the terms of the consent judgment, the Labor Department has agreed to resolve all claims against the defendant in exchange for the payment of $106,679 in total restitution. The restitution, which will be paid to the retirement plan from Talley's remaining retirement account balance, comes after claims from the plan's insurance policy are resolved. This takes into consideration additional unpaid employee contributions discovered after the Labor Department's complaint was filed on June 27, 2014.

Court: United States District Court for Colorado

Docket Number: 1:14-cv-01786-WJM-KMT

Information: Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at http://www.dol.gov/ebsa.