The U.S. Department of Labor has obtained a consent judgment in federal court in which the trustee of two defined-benefit pension plans for now-defunct apparel manufacturers admits to entering into $4.23 million in alleged unlawful plan transactions between 2002 and 2010.
Colette Mordo, trustee and fiduciary to the pension plans of the Manhattan-based Sadimara Knitwear Inc. and Stallion Knits Ltd., also agrees to restore, up to that amount, any shortfall in assets owed to the plans’ participants and beneficiaries. The judgment resolves a lawsuit filed in the U.S. District Court for the Southern District of New York alleging that Mordo violated her fiduciary duties under the Employee Retirement Income Security Act. The lawsuit charged that Mordo authorized the pension plans to make improper loans and transfers of plan assets over several years to multiple recipients, including members of the Mordo family, International Design Concepts LLC and Apparel Group International LLC, two companies in which she had an ownership interest.
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