International Brotherhood of Teamsters v. Willis Corroon Corp.

WILNER, Judge.

Title 29 U.S.C. § 502(a), which is part of the Federal Labor Management Reporting and Disclosure Act. (LMRDA), requires that officials of labor organizations who handle funds or other property of the organization be bonded, in order to provide protection against loss by reason of fraud or dishonesty on the part of those officials, either directly or through connivance with others. The statute requires that the bond “of each such person” be in an amount not less than 10% of the funds handled by that person during the preceding fiscal year, up to $500,000. See also 29 C.F.R. part…