Florida Equipment Dealer Sued Over 401(k) Plan’s Fee Levels

Ring Power Corp. was hit with a proposed class action by a former employee claiming the Florida-based construction equipment dealer charges excessive fees in its 401(k) plan.

The plan offered funds in pricey share classes that allowed plan service providers to reap unreasonably high profits, according to the lawsuit. These failures cost the plan more than $2 million, plaintiff Duane Mills alleged in the complaint, filed Thursday in the US District Court for the Middle District of Florida.

• Mills brings Employee Retirement Income Security Act claims on behalf of a proposed class of thousands of participants in the Ring ...