OTHER NEWS - Feb. 10, 1994

Printing Company Sued for Alleged Pension Violation: Welsh Graphics, a Los Angeles printing company operating under Chapter 11 bankruptcy proceedings, was sued for allegedly diverting about $141,000 in employee 401(k) plan contributions to the company’s general account. The civil suit, filed by the Department of Labor and the U.S. attorney’s office in Los Angeles, alleges that workers were given account statements saying their contributions were being added to individual pension accounts but that nearly half the contributions were diverted to Welsh’s general account and were used to pay the company’s bills. Pension regulators and attorneys for Robert Welsh, the company’s owner, agreed to delay distribution of Welsh’s personal pension assets--some $179,000--for 60 days while they discuss how to restore the employees’ money.