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with Mr. Dorfman which we had begun in 198"1.
After the Fund and the Department of Labor put. Mr. Dorfman
and his companies into receivership, a court battle ensued that
was still going on when Mr. Dorfman was murdered on January 20,
1983. Subsequent to that event, after negotiations among the
Fund, the Depqrtment of Labor, and representatives of Amalgamated
and the Dorfman family, the Fund took over the Amalgamated assets
on February 1, 1983, with Court approval, and began processing
claims internally.
All of the top management of Amalgamated and the related
companies, and all members of Mr. Dorfman I s family who worked
there, we£e lee go immediately. The Fund paid the $10.75 million
purchase price into an escrow account of the U. S. District Court,
pending the outcome of the litigation. The final l.$solution of
that litigation, just two months ago, resulted in an additional
recovery by the Fund of $6.4 million.
With the exception of the provision establishing an
Independent Special Counsel, which is important to our Funds but
would not necessarily be needed by all other funds, the Consent
Decrees that concluded the litigation between the two Funds and
the Government contain nothing more than good, sound business
practices which any fund should maintain.
The Pension Fund Consent Decree was signed on September 20,
1982. The Health and Welfare Fund Consent Decree was signed on
February 14, 1985, although its major provisions were agreed to in
May, 1983 and the Fund followed them from that time. Both Decrees
remain in effect for 15 years, under the jurisdiction of the U.S.
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