US Labor Department files lawsuit seeking independent fiduciary for Denver-based Tapscott Group 401(k) Plan

Date of Action:  March 15, 2016

Type of Action: The U.S. Department of Labor filed a lawsuit against Robert C. Tapscott and the Tapscott Group 401(k) Plan in Denver, Colorado, to seek appointment of an independent fiduciary to terminate the plan formally and enable the distribution of assets to plan participants.

Name(s) of Defendant: Robert C. Tapscott, Tapscott Group 401(k) Plan.

Allegations: An investigation by the department’s Employment Benefits Security Administration determined that the Tapscott Group, which formally dissolved in 1998 with the Colorado Secretary of State, failed to formally terminate its employee benefits plan.

Resolution: The department seeks a court order appointing an independent fiduciary to terminate the Tapscott Group 401(k) Plan, thus permitting participants to receive distributions of their assets.

Quote:  “The appointment of a fiduciary for the Tapscott 401 (k) Plan would mean that participants can have access to their assets even after the company dissolved,” said James Purcell, director of EBSA’s Kansas City Regional Office, which investigated this case. “The rightful owners of these assets deserve access to their money.”

Information:  Employers and workers can reach EBSA’s Kansas City office at 816-285-1800 or toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans.

Court: U.S. District Court for the District of Colorado

Docket Number: 16-cv-0602