posted July 1, 2008
Costello Forensic Accounting, P.C., formerly known as Costello, Strain & Company, P.C., said there was an error in the U.S. Department of Labor’s 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, one of CFA’s principals, was named as one of the certified public accountants involved in the audits of the retirement plans at issue. That statement was inaccurate, Costello officials said.
Costello official said, "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."
Mr. Costello said, “When I learned of the inaccurate information contained in the Department of Labor’s press release, it was important that I correct the inaccuracy to set the record straight.”
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