Funds to be Restored to Chicago Company's Profit Sharing Plan

June 22, 2005 (PLANSPONSOR) - Richard Goldblatt, president of Chicago Spectro Service Laboratory, Inc. is required to restore $626,215.20 to the company's profit sharing plan, according to a settlement obtained by the US Department of Labor (DoL).

The settlement resolves a lawsuit filed by the DoL that alleged Goldblatt failed to make deposits of contributions to the profit sharing plan between 1970 and 1989.   The contributions were never made despite participant account statements showing the contributions plus their generated earnings, the department charged.

The judgment also removes Goldblatt and the company as fiduciaries and assigns an independent fiduciary to the plan.

“The Department achieved a major victory for workers and we’re on track to restore over $600,000 to their profit-sharing plan,” said US Labor Secretary Elaine Chao in the news release.

-Rebecca Moore