Archived News Release — Caution: Information may be out of date.
Los Angeles - The U. S. Department of Labor filed suit on Dec. 29, 1999, in the U.S. District Court for the Central District of California, Los Angeles, against Joseph M. Page, M.D., for violations of the Employee Retirement Income Security Act (ERISA).
Page, whose medical practice is in Beverly Hills, is Chief of Surgery at Brotman Medical Center in Culver City. The department’s complaint also named Page’s professional corporation and the Joseph M. Page M.D. Incorporated Defined Benefit Pension Plan (Plan) as parties to the suit.
According to Billy Beaver, Los Angeles regional director for the Pension and Welfare Benefits Administration, the alleged violations of ERISA occurred when Page and his professional corporation used money from the Plan to repay a business loan and to pay a judgment rendered against Page in his divorce proceeding. Allegedly, Page’s actions resulted in the complete depletion of the Plan’s assets, leaving no money available to distribute to other participants in the Plan.
According to the complaint, at the time the Plan was terminated on March 31, 1995, there were five Plan participants, including defendant Page. Under the terms of the Plan, when the Plan was terminated benefits were to be distributed as soon as administratively possible. However, according to the department’s complaint, none of those Plan participants, other than defendant Page, has ever received a distribution.
The complaint asks the Court to require, among other things, that defendants Page and his professional corporation make full restitution of all losses suffered by the Plan; that any losses restored to the Plan be allocated to all participants except Page until all of the other participants have received their full benefits due; that Page be removed and an independent fiduciary be appointed to distribute the participants’ benefits; that Page and his professional corporation pay all costs associated with the appointment of the independent fiduciary; and that Page be permanently enjoined from serving as a fiduciary of or service provider to any employee benefit plan covered by ERISA.
This court action resulted from an investigation conducted by the Los Angeles Regional Office of PWBA, headed by Beaver.
Note to editors: Civil Action File No. 99-13530 WMB AIJx (Alexis M. Herman, Secretary of the United States Department of Labor v. Joseph M. Page, M.D. et al.) U.S. Department of Labor news releases are accessible on the Internet. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the Central Office for Assistive Services and Technology. Please specify which news release when placing your request. Call 202.693.7773 or TTY 202.693.7775.
Archived News Release — Caution: Information may be out of date.
