The U.S. District Court for the Northern District of California issued a default judgment against a practice and a dentist who unlawfully withdrew more than $85,000 of employees’ retirement funds, preventing the workers from accessing their savings.
On January 2, the court ruled in favor the U.S. Department of Labor (DOL) and against Dr. Paul Fillet and his business, finding him liable to pay $85,260 in losses to the retirement plan, $14,891 in lost opportunity income to the plan, and $1,685 for the independent fiduciary costs and fees, according to a press release dated January 29 from the DOL.
The court ordered the dentist and his practice to restore the money plus interest accrued to the retirement plan by March 4. Also, the court permanently banned Fillet from serving as a fiduciary of any Employment Retirement Income Security Act (ERISA)-covered employee benefit plan, according to the release.
Source: U.S. court rules against dentist in California Melissa Busch / DrBicuspid.com