NC textile firm sued over $145,000 in compensation

Tags: , , ,

Submitted: Wed, 08/03/2011 - 11:21am
Updated: Wed, 08/03/2011 - 11:24am

LINCOLNTON, NC (AP) — The U.S. Department of Labor is suing a
closed Lincolnton textile company, asking it to pay back nearly
$145,000 into its deferred compensation plan.

Federal officials say Belding Hausman Inc. took $59,230 in
employee contributions and $72,703 in loan repayments that were
supposed to go into the plan and put them in the company’s general
asset accounts instead.

The repayment amount also included more than $12,500 in
estimated lost earnings because the money was not put where it was
supposed to go.

Belding Hausman has not officially filed a response to the
government’s accusations.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Leave a Reply

Be the First to Comment!