Fiduciaries of California ESOP to Repay Plan Funds

The Department of Labor (DOL) has obtained a consent order for fiduciaries to repay funds to an ESOP. The order requires fiduciaries of the Parrot Cellular ESOP to pay $4,181,818 to the plan. The settlement resolves a lawsuit filed in April 2012 after an investigation by the DOL's Employee Benefits Security Administration (EBSA) found the fiduciaries violated the Employee Retirement Income Security Act (ERISA) by causing or permitting the ESOP to purchase Parrot Cellular stock for more than fair market value.