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Thursday, October 1, 2009

ERISAVickation - The Saga Continues

A prior post noted the DOL's pursuit of Michael Vick for ERISA-related crimes. See also my other Vick post. For your reading pleasure, here's the sequel, from BNA:

DOL Announces It Has Obtained Judgment Requiring NFL's Vick to Restore Plan Assets

The Department of Labor announced Sept. 30 that it has obtained a consent judgment requiring National Football League player Michael D. Vick and his company, MV7 LLC, to repay more than $400,000 in restitution to MV7's pension plan (Solis v. Vick, E.D. Va., No. 4:09CV37, consent order 9/30/09). The consent order also requires Vick to forfeit any rights to benefits he has under MV7's pension plan. In addition, Vick has agreed to pay a civil monetary penalty to the Department of Labor, according to a department news release. Vick was convicted in 2007 of engaging in unlawful dog fighting. Prior to his conviction, Vick ran a celebrity marketing company called MV7.

. . . .

The consent judgment against Vick requires him to repay at least $416,461 in restitution to MV7's pension plan. The judgment permanently bars Vick from serving in a fiduciary capacity to any plan governed by ERISA.

By the way, I note some amount of surprise that the consent order "requires Vick to forfeit any rights to benefits he has under MV7's pension plan." I'm not 100% sure that such a result comports with what one would think is overall pension policy. Cf. Guidry v. Sheet Metal Workers, 493 U.S. 365 (1990). Just a thought . . .

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