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January 10, 2011

Suit targets defunct Woodward Thomsen

By The Mainebiz News Staff

Federal labor officials are suing a defunct Portland millworking company and its owner for more than $10,000 in pay withheld from employees.

The U.S. Department of Labor has sued Larry Chaney, the former owner of CLRS Enterprises, for failing to forward approximately $11,000 in employee contributions to the company's SIMPLE IRA, according to a press release. The company operated as Woodward Thomsen Co. and closed in November 2008. The lawsuit follows an investigation by the department's Employee Benefits Security Administration and alleges that Chaney and CLRS withheld retirement plan contributions from employee wages from February to November 2007 but did not forward them into contributors' plans, instead using them to satisfy the company's obligations.

The suit asks the U.S. District Court to order Chaney and CLRS to restore all losses with interest owed to the plan and to bar Chaney from serving as a fiduciary to any employee benefit plan under the oversight of the federal Employee Retirement Income Security Act, according to the release. Money can be recovered from Chaney's individual account if necessary.

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