• Free Newsletters
  • Free Seminars and Podcasts from Industry Experts
  • Free Online Content and More

Vick rejoins Nike, but DOL wins judgment

Print
Email
Reprints
 
By Lydell C. Bridgeford
October 1, 2009

A federal district judge granted the Department of Labor a consent judgment requiring NFL player Michael D. Vick and his celebrity-marketing firm to repay about $415,000 to a pension plan sponsored by the company.

The judgment comes during the week in which Vick, who served federal prison time for his involvement in a dogfighting operation, signed an endorsement deal with Nike, the shoe and apparel maker.

The court order from the pension fraud case requires Vick to forfeit any rights to benefits from the plan. The defendants also consented to pay a civil monetary penalty imposed by the DOL.

“Corporations and executives who are plan fiduciaries have a duty to protect the pension assets of participants,” says Phyllis C. Borzi, assistant secretary for the DOL’s Employee Benefits Security Administration. “Our legal action ensures that these participants will get the plan assets owed to them.”

The department had alleged that Vick violated his duties as a plan trustee by making a series of prohibited transfers from the plan for his own benefit.  The complaint also claimed that the plan assets were used to help pay the criminal restitution imposed upon Vick after his conviction for unlawful dog fighting, as well as attorney fees in his bankruptcy cases. 

0 Comment(s)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Benefit News, please use the form below to login. When completed you will immediately be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Related Articles

Most Popular

Most Forwarded