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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.

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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