U.A. Local 38 Pension Trust Fund Trustees settle fiduciary claims
Clients U.A. Local 38 Pension Trust Fund Trustees
Jones Day represented the U.A. Local 38 Pension Trustees in an action involving reallocating pension and other assets. Following a five-year investigation, the U.S. Department of Labor sued the U.A. Local 38 pension trustees for imprudently "reallocating" $70 million in pension and other ERISA trust fund assets to the Konocti Harbor Resort and Spa. All claims involving the U.A. Local 38 trustees were dismissed with prejudice pursuant to a consent order agreed to in 2007. The trustees denied any wrongdoing and none of the trustees paid any money in settling this dispute.
Chao v. Mazzola, et al., Case No. 04-4949 (N.D. Cal. 2007)