A lawsuit filed against a payroll-services provider claims that at least $122 million in funds transfers were processed without enough money in the company’s bank accounts to pay for employers’ transactions.
The lawsuit by KeyBank N.A. of Cleveland was filed July 19, 2019, against Interlogic Outsourcing Inc. of Elkhart, Ind. The company, known as IOI Pay, and six affiliates filed for protection against creditors Aug. 10 while it attempts to reorganize under Chapter 11 of the federal bankruptcy code (Bankr. N.D. Ind., No. 19-31445, 8/10/19).
“IOI Pay is continuing to operate in the normal course of business, including continuing to ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.