Department Of Labor Issues Corrected Press Release In D. Michael Costello Case

Wednesday, August 6, 2008

The Department of Labor has issued a corrected press release regarding a lawsuit filed against Costello Forensic Accounting, P.C.

According to the revised release, “D. Michael Costello was the president and a partner in the firm while Sharon Hamrick was a certified public accountant involved in the audit of SCT Yarns plans.”

Costello Forensic Accounting, P.C. (“CFA”), formerly known as Costello, Strain & Company, P.C., asked the U.S. Department of Labor to correct an error in the reporting of the settlement of a lawsuit with the firm.

The lawsuit concerned audits of SCT Yarns’ retirement plans. CFA settled the action in May by agreeing to pay $12,500 to the Pension Benefit Guaranty Corporation in order to avoid the expense of further litigation.

In a June 10 release provided to media by the Department of Labor, a factual error was made when D. Michael Costello, a principal with Costello Forensic Accounting, P.C., formerly know as Costello, Strain & Company, P.C., was named as one of the certified public accountants involved in the audits of the retirement plans at issue, it was stated. That statement was inaccurate.

Mr. Costello was not involved in the conduct of the audits at issue in the lawsuit. Further, as he was not involved in the audit practice of the firm, Mr. Costello never met the individuals involved in the audits on behalf of SCT Yarns, officials said.

Mr. Costello said, “I am very pleased that the Department of Labor has corrected the factual error in their report. My credibility is extremely important to me and I am grateful to know that the Department of Labor was willing to publicly make the change.”


CBL And Associates Properties Declares Common Stock Dividend And Preferred Stock Dividend

CBL & Associates Properties, Inc. announces that its Board of Directors has declared a quarterly cash dividend for the Company’s Common Stock of $0.265 per share for the quarter ending June 30. The dividend is payable on July 16 to shareholders of record as of June 30.  The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ... (click for more)

Whitfield Tax Assessor's Office Sending Out Annual Notices Soon

In pursuant to O.C.G.A. 48-5-306, all Whitfield County property owners will be receiving the state-required annual assessment notice around the first week of June, according to officials with the county Tax Assessor’s Office.  The notice will contain an estimate of the taxes based on the prior year's millage rate.  The Board of Assessors is charged with the responsibility ... (click for more)

Circuit Court Jury Gives $20,599,000 Verdict In Favor Of Canyon Ridge Developers; Punitive Damages To Be Added

A Hamilton County Circuit Court jury on Thursday awarded $20,599,000 to the developers of Canyon Ridge on Lookout Mountain against a financial firm that allegedly secretly started working on a rival project. The jury also said the plaintiffs are due punitive damages. The amount will be set on Monday morning in the courtroom of Judge J.B. Bennett after each side gives 20-minute ... (click for more)

Chattanooga Loses Bicycle National Championships To Winston-Salem

After a three-year run, Chattanooga is losing the national championship bicycle races. Winston-Salem, N.C., has been selected to serve as the host city for the 2016 and 2017 Volkswagen USA Cycling Professional Road & TT National Championships. The 2016 Volkswagen USA Cycling Pro Road & TT National Championships will be held May 22-30. The nine-day event will combine the ... (click for more)

The Truth About The Rising Costs To East Ridge On The Fire Hall Property - And Response

Re:East Ridge Has To Pay Unexpected $428,000 On Bass Pro Shop Deal   H ere is the truth about this article.    One section of the article says: " Unknown to anybody on the council today, the agreement limited use of the land to a fire hall."     In a letter dated Dec. 15, 2010, Mayor Lambert asked TDOT officials to ... (click for more)

Roy Exum: General Boykin Helps ‘Warriors’

General W.G. “Jerry” Boykin is one of the most fabled warriors in modern-day warfare. He is also one of the most polarizing men who has ever served his country. General Boykin, retired after 36 years as a soldier, spent 13 years in the secretive Delta Force. At one time he commanded the Green Berets and was in one some pretty impressive engagements. In 1980 he was in on the ... (click for more)