Submitted by Katelyn Supa on Wed, 08/03/2011 - 6:21am.

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.)

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