Solis v. Smart Technology, Inc. et al

Filing 27

ORDERED that the Court adopts as its own the findings of fact and recommendation of the United States Magistrate Judge, as set forth in the August 27, 2012 Report and Recommendation. Accordingly, it is hereby ORDERED that judgment is ENTERED by defa ult in favor of plaintiff and against defendants Smart Technology, Inc. and Shawn Hedgspeth, jointly and severally, in the following respects: 1. Defendants Smart Technology, Inc. and Shawn Hedgspeth, jointly and severally, shall restore $21,438 .90 in Plan assets and $7,273.23 in pre-judgment interest, for a total of $28,712.13, to the subject ERISA Plan. 2. Once the $28,712.13 has been restored to the Plan, $26,303.84 of the Plan assets shall promptly be paid to Plan p articipant Robert Suslowitz, and $1,167.32 of the Plan assets shall promptly be paid to Plan participant Salvador Campos. 3. Once the above amounts have been redistributed to the above Plan participants, defendants Smart Technology, Inc. and Sha wn Hedgspeth shall promptly take all necessary and further action required to terminate the Plan and to distribute any remaining Plan assets in accordance with the Plan documents. 4. Following termination of the Plan and distribution of the remaining Plan assets, defendants Smart Technology, Inc. and Shawn Hedgspeth are thereafter permanently ENJOINED from serving as trustees, fiduciaries, advisors or administrators to any employee benefit plan covered by the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §1001 et seq. 5. The Court retains jurisdiction of this action solely for purposes of enforcing compliance with the terms of this Final Order and Judgment. The Clerk is DIRECTED to enter judgment in accordance. Signed by District Judge T. S. Ellis, III on 10/11/2012. (jlan)

OCT I I 2012
IN THE UNITED STATES DISTRICT COURT FOR THE

EASTERN DISTRICT OF VIRGINIA

| ^Ihffihffi"^^ 1

Alexandria Division

HILDA L. SOUS,
Plaintiff,
Civil Action No. I:12cv284

SMART TECHNOLOGY, INC., et al.,
Defendants.

FINAL ORDER

Upon consideration of the August 27, 2012 Report and Recommendation of the United

States Magistrate Judge designated to conduct a hearing in this matter, no objections having been
filed, and upon an independent de novo review of the record, it is hereby ORDERED that the

Court adopts as its own the findings of fact and recommendation of the United States Magistrate
Judge, as set forth in the August 27,2012 Report and Recommendation.

Accordingly, it is hereby ORDERED that judgment is ENTERED by default in favor of

plaintiff and against defendants Smart Technology, Inc. and Shawn Hedgspeth, jointly and
severally, in the following respects:

1.

Defendants Smart Technology, Inc. and Shawn Hedgspeth, jointly and severally,

shall restore $21,438.90 in Plan assets and $7,273.23 in pre-judgment interest, for a total of
$28,712.13, to the subject ERISA Plan.
2.

Once the $28,712.13 has been restored to the Plan, $26,303.84 of the Plan assets

shall promptly be paid to Plan participant Robert Suslowitz, and $1,167.32 of the Plan assets

shall promptly be paid to Plan participant Salvador Campos.

3.

Once the above amounts have been redistributed to the above Plan participants,

defendants Smart Technology, Inc. and Shawn Hedgspeth shall promptly take all necessary and

1

further action required to terminate the Plan and to distribute any remaining Plan assets in
accordance with the Plan documents.

4.

Following termination of the Plan and distribution of the remaining Plan assets,

defendants Smart Technology, Inc. and Shawn Hedgspeth are thereafter permanently
ENJOINED from serving as trustees, fiduciaries, advisors or administrators to any employee
benefit plan covered by the Employee Retirement Income Security Act of 1974 (ERISA), 29
U.S.C. § \00\, etseq.

5.

The Court retains jurisdiction of this action solely for purposes of enforcing

compliance with the terms of this Final Order and Judgment.

The Clerk is DIRECTED to enter judgment in accordance with this Order, pursuant to

Rule 58, Fed. R. Civ. P., and to place this matter among the ended causes.1
The Clerk is further DIRECTED to send a copy of this Judgment Order to defendants,
the Magistrate Judge and all counsel of record.

Alexandria, VA

October 11, 2012

____———

T. S. Ellis, III
United States District Judge

1 Plaintiff has represented that the remaining defendant —The Smart Technology 401(k) Planwas named as a defendant under Fed. R. Civ. P. 19 only to assure that complete reliefcould be
obtained for the subject Plan. Accordingly, it isclear that this Final Order and the accompanying
Rule 58 Judgment resolve this case in its entirety.