CHICAGO – A federal judge has issued a preliminary injunction against the fiduciaries of a Chicago-based multiple employer welfare arrangement to protect the fund’s remaining assets after a Department of Labor investigation alleged its fiduciaries and counsel misused more than $2.8 million in fund assets, and that they continue to mismanage the fund.
On Aug. 10, 2023, Judge Nancy L. Maldonado in the Northern District of Illinois, Eastern Division, issued an order protecting the remaining assets of the United Employee Benefit Fund and appointed an independent fiduciary to take control of the fund and manage its remaining assets. The United Employee Benefit Fund provides life insurance benefits to about 63 employer-sponsored benefit plans in the U.S.
The court’s action comes in response to a motion filed by the department in June 2023 that alleges the fund’s fiduciaries have allowed escalating and unreasonable legal and administrative fees to nearly deplete the fund’s assets. These actions included the payment of more than $200,000 in legal fees used to defend former fund attorney L. Steven Platt in a lawsuit brought by the United Employee Benefit Fund for Platt’s alleged breaches of fiduciary duties and other Employee Retirement Income Security Act violations.
“The injunction is the latest step in the Department of Labor’s ongoing effort to hold the United Employee Benefit Fund’s fiduciaries and others liable for allegedly misusing more than $2.8 million in fund assets,”...
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