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FRUITA, Colo.—The U.S. Department of Labor has filed a civil lawsuit accusing the former owner of a Fruita company of abandoning the company’s 401(k) plan as its trustee.
IXP Inc. shut down in January 2009. The company installed gasoline distribution pipelines.
A lawsuit filed in U.S. District Court in Denver alleges company owner Carl N. France failed to administer the 401(k) plan after the company stopped operations. A phone number for IXP was disconnected, and a home phone number for France wasn’t listed.
The lawsuit asks the court to appoint an independent fiduciary to terminate the plan and distribute its assets. As of Sept. 29, the plan had 21 participants and assets of about $104,000.
