The Department of Labor may "take action" against the United Association's pension plan trustees over its $800 million investment in redeveloping the Diplomat Hotel in Hollywood, Fla., according to a letter sent by UA chief Martin Maddaloni to local union officials around the country.
Just exactly what that action might be remains unknown. PM couldn't find out any details from the labor department nor could we find out more about the contents of Maddaloni's letter as we closed this issue. The labor department already stepped in last year midway through construction and required the pension fund's trustees to assign an independent fiduciary to oversee the completion of the job.