NC textile firm sued over $145,000 in compensation

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    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.

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    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.)