Ex-concrete co. owner settles lawsuit with DOL

The former head of now-defunct Gagne Precast Concrete Products in Veazie has agreed to pay $300,000 to settle a lawsuit with the U.S. Department of Labor. The DOL sued Stephen Thomas earlier this year for misusing employee ownership plan assets.
Thomas, the trustee of Gagne Precast's two defunct employee stock ownership plans, will restore $225,000 to the Gagne ESOP and $75,000 to the Frank L. Woodworth Inc. ESOP in Detroit, Maine, according to a ...