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.”

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