NY Hospital Equipment Co. installs DOL ERISA probe

By Rachel Stone (Jan 4, 2022, 5:08 p.m. EST) – A hospital equipment manufacturing company based in upstate New York has reached a deal to resolve a U.S. Department of Labor investigation that found the the company’s chief executive and others have paid too much, the DOL said Tuesday.

The deal between Utica-based Mohawk Hospital Equipment Inc. and the DOL Employee Benefits Security Administration resolved an investigation by EBSA’s Boston office that found that the trustees of the Mohawk Employee Stock Plan had violated employee retirement income security law by lining their pockets after selling stocks. at ESOP, according to DOL.

Under the settlement, these ESOP trustees are required to return $ 431,000 in inventory …

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Lillian L. Pena