Businessman sued over alleged misuse of pension

DES MOINES, Iowa (AP) — The U.S. Department of Labor has sued a Kentucky businessman claiming he and others unlawfully took $4.9 million from the pension plans of a Fairfield foundry and a related Michigan company.

The lawsuit, announced Tuesday, was filed in federal court in Lexington, Ky. on May 30. It claims George Hofmeister of Paris, Ky., and business associates improperly used money from the pension plan for workers at Fairfield Castings. The DOL says assets from a pension plan for workers of Fourslides, Inc. of Madison Heights, Mich., also were used inappropriately.

The government in court documents filed May 30 seeks repayment of the funds and removal of Hofmeister and others from retirement plan oversight.

A spokesman for Revstone Industries, where Hofmeister is chairman, did not immediately return a message.

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