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Friday, March 29, 2024

Steelworkers Pension Trust alleges it is owed more than $112 million in withdrawal liability payments

Law money 04

PITTSBURGH – A nonprofit, multiemployer benefit pension plan alleges a New York private holding company and its subsidiaries failed to pay withdrawal liability payments.

Steelworkers Pension Trust by Daniel A. Bosh filed a complaint on Jan. 31 in the U.S. District Court for the Western District of Pennsylvania against The Renco Group Inc., Ilshar Capital LLC, Blue Turtles Inc., Unarco Material Handling Inc., Iteva Products LLC, The Doe Run Resources Corp. and US Magnesium LLC citing the Employee Retirement Income Security Act.

According to the complaint, Renco purchased several steel mills that it operated under the RG Steel name. The suit states in May 2012, RG Steel filed for Chapter 11 bankruptcy and ceased operations in August 2012. The plaintiff alleges the defendants withdrew from the plan in August 2012.

The plaintiff alleges that the defendants have failed to pay withdrawal liability payments that they were required to make under ERISA. The plaintiff alleges that more than $112 million is owed.

The plaintiff seeks judgment against the defendant in the amount of $112,399,291.65, plus continuing interest at the rate of $35,830.19 per day, plus additional liquidated damages of $153,644.70, and court costs. 

It is represented by Neil J. Gregorio, Bradley S. Tupi, Scott R. Leah, Richard B. Tucker III and William P. Lewis of Tucker Arensberg PC in Pittsburgh, Pennsylvania.

U.S. District Court for the Western District of Pennsylvania case number 2:18-cv-00142-CB

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