Windham co. sued for withholding IRA funds
Windham-based Seavey’s Furniture & Appliance is facing a lawsuit from the U.S. Department of Labor for allegedly withholding $16,015 in retirement contributions from its employees.
The Department of Labor’s lawsuit, announced Monday, was filed on Dec. 17 and names the business and its owner, Timothy W. Seavey, as defendants. The federal agency said its Employee Benefits Security Administration found that Seavey withheld payments from Individual Retirement Arrangement accounts from September 2009 to the present.
The Department of Labor wants the U.S. District Court in Portland to require Seavey to restore the withheld money to the IRA accounts, along with “any and all losses as a result of their breaches of their fiduciary duties including lost earnings and appropriate interest.”
The federal agency also seeks to bar Seavey from ever handling again any retirement plan under the Employee Retirement Income Security Act of 1974.
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