Florida Equipment Dealer 401(k) Suit Settles for $1.25 Million

Ring Power Corp. agreed to pay nearly $1.25 million to resolve a proposed class action by an employee accusing the Florida-based construction equipment dealer of charging excessive 401(k) plan fees.

The proposed deal, announced Wednesday in the US District Court for the Middle District of Florida, represents about 45% of the estimated losses to the proposed class and is expected to cover all the plan’s participants and beneficiaries since September 2018. It resolves a one-month-old lawsuit claiming the company’s retirement plan offered funds in expensive share classes that allowed plan service providers to reap unreasonably high profits.

• The parties ...