Department of Labor Files ERISA Lawsuit Against Georgia Attorney

Savannah, GAThe US Department of Labor has filed a lawsuit against a Georgia attorney for allegedly violating the Employee Retirement Income Security Act, or ERISA.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">The Department of Labor is accusing Benjamin Eichholz of Savannah, Georgia, of improperly transferring, lending or using plan assets in violation of ERISA, reports WSAV, an NBC affiliate. In addition, Eichholz is accused of irresponsibly lending assets, investing in high risk stocks and failing to make sure that the pension plans were covered by a fidelity bond.

"Fiduciaries of employee pension plans must act solely in the best interest of plan participants," R.C Marshall, regional director of the department's Employee Benefits Security Administration, told the news source. "We are filing this lawsuit to ensure that losses suffered by participants are fully restored."

The Department of Labor is hoping to obtain a court order to make the defendant pay back all the losses with interest suffered by the Eichholz & Associates P.C. Retirement Plan and the Eichholz & Associates P.C. Employees Pension Plan.

Eichholz previously pleaded guilty to one count of obstructing the department's investigation and is currently serving a 21-month prison sentence for that crime.