"According to the lawsuit, James V. Healy violated [ERISA] by loaning over $450,000 to his financially troubled companies during 1994 and 1996. The loans were unsecured and made without any promissory notes or specified repayment terms. Michael J. Healy was charged with allowing these loans to be made and failure to reverse them once he became aware the that loans had been made. The loans have not been fully repaid, thereby allegedly causing losses to the plan as a result of the below-market interest rates applied by the Healys in determining the amounts owed by the companies on the plan loans."  MORE >>