The former quarterback with the Atlanta Falcons owned a celebrity marketing company with a defined benefit retirement plan for nine current and former workers, according to DOL officials. From March 2007 through July 2008, Vick and others made and caused $1.35 million in withdrawals from the retirement plan.
The DOL complaint argues that Vick violated his fiduciary duties as a plan trustee under the Employee Retirement Income Security Act “by making a series of prohibited transfers from the plan for his own benefit.”
“This action sends a message that the Labor Department will not tolerate the misuse of plan money and will take whatever steps necessary to recover the assets owed to eligible workers,” says Secretary of Labor Hilda L. Solis.
The lawsuit was filed in the federal district court of Newport News, Va. and also claims that Vick’s former financial advisors, Mary Wong and David Talbot, participated in pension funds transfers.
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