U.S. SUES PLUMBERS' UNION OVER HOTEL The Department of Labor filed a federal lawsuit to remove the trustees of the Plumbers and Pipefitters National Pension Fund, accusing them of breaching their fiduciary duty by imprudently investing $800 million in a single hotel, the Westin Diplomat Resort and Spa of Fort Lauderdale, Fla., without doing a feasibility study or market analysis. The $800 million represents 20 percent of the fund's assets. The trustees include the union's president, Martin J. Maddaloni, who has called the hotel a good investment.
Source: NY Times
