CBO Glass Faces Lawsuit
April 3, 2012
by Sahely Mukerji, email@example.com
The International Painters and Allied Trades Industry Pension Fund
has filed a suit
against CBO Glass of Alden, N.Y., and two of the company's officials,
Gilbert DiMaio, president and CEO, and Paul F. Hogan, principal,
alleging that the company has "failed to pay amounts due under
the Labor Contracts, Trust Agreements and Plan." The suit was
filed on March 30.
"In order to resolve a delinquency, on or about November 14,
2011, Lawrence Gildersleve, vice president and CFO of CBO Glass
signed a promissory note on behalf of the companies pursuant to
which the funds and companies agreed that the companies owed the
fund $319,650.42 in contributions, interest and liquidated damages
for the period of May 2011 through August 2011," alleges the
Companies defaulted on the note by failing
to submit the settlement installments and by failing to submit remittance
reports and contributions for the period of December 2011 through
"Based on information currently available to the ERISA Funds,
[the] companies have failed to pay amounts due under the Labor Contracts,
Trust Agreements and Plan from May 2011 to February 2012 in at least
the sum of $472,813.83 in violation of 29 U.S.C. §1145,"
the documents state.
The plaintiffs ask that the court: "(1) require individual
defendants to correct the prohibited transaction; (2) require individual
defendants to make good to the plan any losses resulting from each
such breach and to restore to such plan any profits of such fiduciary
which have been made through use of assets of the plan by the fiduciary;
and (3) grant any other equitable, remedial or other relief as the
law permits and the court may deem appropriate."
CBO officials were not available at press time to make a comment.