UNAP Issues Statement Following Lawsuit Filed in St. Joseph’s Pension Collapse
Wednesday, June 20, 2018
United Nurses and Allied Professionals (UNAP) Legal Counsel Chris Callaci issued a statement after Special Counsel Max Wistow sued Prospect Medical Holdings; Prospect CharterCare; the Roman Catholic Diocese of Providence and others for wrongdoing in the collapse of the St. Joseph Health Services of Rhode Island Pension Fund.
As GoLocalProv reported, the suit alleges massive fraud in the case which has created a hole in pension assets estimated to be in excess of $115 million.
The suit was filed by the receiver Stephen Del Sesto and was prepared by Wistow.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTUNAP released the following statement:
"We are not surprised that Prospect is alleged to have engaged in unlawful conduct -- including conspiring to injure and defrauding plan participants; willingly and knowingly making false and misleading statements to plan participants and state regulators, along with aiding, abetting and participating in breaches of fiduciary duties to plan participants. Our union has been warning Rhode Islanders for years that Prospect is a bad corporate citizen that can't be trusted.
Prospect, Prospect CharterCare, the Diocese of Providence and others knew this pension fund was unsustainable without continued financial support, and they said nothing. In fact, this lawsuit contends they went out of their way to deceive the hard-working bedside caregivers and health professionals at Our Lady of Fatima Hospital.
It's gut wrenching and makes me sick to my stomach.
Prospect, Bishop Thomas Tobin and others should be held accountable for their actions, which have put the well being of roughly 2,700 plan participants and their families at great and undeniable risk."
Related Slideshow: 10 Things to Know About One of Biggest Pension Failures in RI - St. Joseph Receivership
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