In a recent class-action lawsuit filed in the United States District Court for the Northern District of Texas, Chant & Company, A Professional Law Corporation, along with its sole shareholder Chant Yedalian, has accused FuturePlan Administrative Services, LLC and Ascensus, LLC of engaging in extortion-like conduct. The plaintiffs allege that after paying $2,700 for a pension plan “restatement” fee intended to ensure compliance with IRS regulations for six years, the defendants demanded that they sign a “service agreement” waiving substantial rights. This ultimatum was allegedly made under duress as it threatened to halt necessary pension plan services if not complied with. The lawsuit claims this practice affects many small businesses across the U.S., seeking restitution and damages exceeding $5 million.
The plaintiffs argue that such actions have caused significant distress and potential financial penalties due to non-compliance with IRS requirements. They seek various forms of relief including restitution, disgorgement of profits by the defendants, exemplary damages, and injunctive relief prohibiting such practices in the future.
Source: 325cv02882X_Chant_&_Company_v_Futureplanr_Complaint_Northern_District_of_Texas .pdf
