PHILADELPHIA – A former West Conshohocken company is alleged to have failed to take responsibility for the operation of an employee plan.
R. Alexander Acosta, secretary of labor of the United States Department of Labor, filed a complaint on July 7 in the U.S. District Court for the Eastern District of Pennsylvania against Cambridge Management Cos. LLC citing the Employee Retirement Income Security Act.
According to the complaint, the defendant established a plan for its employees in the event of retirement, disability or death and as of October 2015, the plan had 25 participants and $181,168.98 in assets. The plaintiff alleges that since 2012, the defendant has not taken fiduciary responsibility for the operation and administration of the plan.
The plaintiff holds Cambridge Management Cos. LLC responsible because the defendant allegedly failed to discharge its duties with respect to the plan.
The plaintiff seeks to remove the defendant from its position as fiduciary with respect to the plan and relief as this court grants. He is represented by Nicholas C. Geal and Oscar L. Hampton III of U. S. Department of Labor in Philadelphia.
U.S. District Court for the Eastern District of Pennsylvania case number 2:17-cv-03038-JHS