CHECK PLEASE! $4.7 million check written by former CEO & other executives — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
A court mandated the former CEO of a Nevada company and others to restore over $4.775 million, including interest, to two pension plans. This “pay day” was ordered after the court determined they breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) and engaged in prohibited transactions when they borrowed money from the plans to support the company operations and fund a $150 million casino project. (Chao v. USA Mining GAO Inc., E.D. Tenn., No. 1-04-CV-001, order 3/20/07).