CLASS ACTION FILED AGAINST DARTMOUTH HEALTH OVER RETIREMENT FUND
A class action lawsuit has been filed against Dartmouth Health in response to the alleged mismanagement of up to $1.9 billion in employee retirement funds, according to court documents. The board of trustees and the administrative investment oversight committee are also listed as defendants.
The suit, filed in March, alleges the clinic failed in its fiduciary duty by losing millions in “excessive administration and recordkeeping costs” for 401(a) and 401(b) plans. The Dartmouth-Hitchcock Retirement Plan and the Dartmouth-Hitchcock Employee Investment Plan had substantial bargaining power regarding fees and expenses “that were charged against participants’ investments,” the lawsuit reads.
The plan had $1.9 billion in fiscal year 2020. More than 31,000 people have balances on the plans.
Dartmouth Health said in a statement it “does not comment on the specifics of any pending litigation, however we can state that we deny the allegations, and we will vigorously defend this lawsuit. We understand employees may be concerned by this news, but Dartmouth-Hitchcock has managed the Plans in accordance with its fiduciary duties, and we remain committed to continuing to serve the Plans for the benefit of all participants and plan beneficiaries.”
AMERICAN LABORATORY PRODUCTS ACQUIRES CZECH FIRM
American Laboratory Products Company Ltd., a specialty in-vitro diagnostics company in Salem, has acquired GeneProof a.s., a molecular diagnostics company based in Brno, Czech Republic.
The companies said the combination creates a global market leader in the diagnostic products market, with broad capabilities spanning novel immunoassay testing kits, real-time PCR testing products and automated laboratory instrumentation solutions.
The combined company is majority owned by Ampersand Capital Partners (“Ampersand”), which first invested in ALPCO in 2020.
GeneProof was founded over 15 years ago by Drs. Radek Horvath and Milos Dendis. Both will remain with the merged company and continue as shareholders.
GeneProof is the largest producer of PCR reagents in the Czech Republic and distributes its portfolio of more than 70 CE-marked molecular diagnostic tests and instruments throughout Europe, Africa, the Middle East and South America. Products are primarily focused on the infectious and genetic diseases.
BODE EQUIPMENT ACQUIRES ADVANCED MACHINE
Londonderry-based Bode Equipment Company — a distributor of materialhandling systems, construction and loading dock/door solutions that’s served New England’s commercial and industrial clients since 1975 — has acquired Advanced Machine Technologies, another Londonderry company.
Advanced Machine Technologies, established in 2000, works with stainless steel, aluminum, carbon fiber, plastics and carbon steel and focuses on small lot productions, prototypes and projects for commercial and industrial companies in New England.
With over 50 employees between their two offices in New Hampshire and Massachusetts, the new operation will be focusing on supporting existing installa tions and current fabrication needs, Bode announced in a press release.
In the coming months, the company said, it will be expanding existing space and adding key personnel to support the growth goals of the company, including Bob Cook, former owner of AMT, who will become machining manager at Bode.
FRIENDLY TOAST READIES FIRST MAINE EATERY
The Portsmouth-based restaurant chain The Friendly Toast is getting ready to open its first Maine location. Mainebiz reported last month that co-owners Eric Goodwin and Scott Pulver bought a street-level condominium unit at 211 Fore St. in Portland.
The 7,000-square-foot restaurant facility, in the Old Port, was home until recently to Sebago Brewing Co., which told Mainebiz earlier this year that it would close its downtown restaurant and brewpub to focus on other lines of business, including upgrades to its Gorham brewpub.
The goal is to open the Portland location this summer. The Friendly Toast has eight locations — two in New Hampshire, five in Massachusetts and one in Vermont.
