The Trust Advisors Stable Value Plus Fund (the "Fund"), filed a voluntary bankruptcy petition on September 30, 2005. On the same day, Circle Trust Company (“CTC”), trustee of the Fund, was put into receivership and Connecticut State Banking Commissioner John P. Burke was named as receiver and Fiduciary Counselors Inc. was named the independent fiduciary of the Fund.
On October 31, 2005, the U.S. Department of Labor sued Circle Trust Company to restore losses on imprudent and risky investments made by the Fund. On
October 3, 2006, the DOL announced that it had reached a settlement
with Circle Trust and others returning $8.8 million to the Fund. Fiduciary Counselors announced further details of the settlement and its impact on TASVPF distributions, including an additional $4.6 million in exchange for the Fund's illiquid interest in Milestone Plus Partners, LLC. Trust Advisors Stable Value Plus Fund (TASVPF) also reached a $600,000 settlement of potential claims against Schwartz & Hofflich, former accountant for the Fund.
The Fund emerged from bankruptcy on August 14, 2006. Between 2006-2009, distributions were made to plan and trust investors (equity holders) [2.29MB] that are on the list filed with the Court on January 12, 2006. This list shows the value of each account on September 30, 2005, and is the basis for investors’ legal rights in the Fund’s bankruptcy proceedings.
In order to receive distributions, investors were required to (1) have a balance of more than $25; (2) provide valid wire transfer instructions and (3) certify ownership of investments in the TASVPF. |
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At the end of 2009, Fiduciary Counselors transferred all remaining assets of the Trust Advisors Stable Value Plus Fund to Reliance Trust Company. Approximately 75 plans did not have current wire transfer instructions and/or contact information on file with the Fund at that time.
If you believe you are associated with a Plan (investor) in the Fund and have not yet received distribution, call Reliance Trust Company at (800) 749-0752 and ask to speak to someone about the Circle Trust Company Trust Advisors Stable Value Plus Fund.
Reliance Trust Company will require documentation of rightful ownership before distributions will be made. At a minimum, they require a notarized letter from a Plan fiduciary identifying the legal plan name and EIN# and a board resolution identifying them as authorized agents of the Plan. Additionally, if the Plan is no longer in existence, documentation must be provided acknowledging that the former Plan is now part of a successor plan or former plan. |
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