Florida Heating Company ESOP Suit Deserves Toss, Judge Advises

A lawsuit saying employees of a Florida heating and cooling company got a bad deal when their employer was sold to a private equity fund should be dismissed, a federal magistrate judge said.

The five-count complaint is a “shotgun pleading” that makes conclusory allegations unsupported by specific facts, Magistrate Judge Robert M. Norway of the US District Court for the Middle District of Florida said Thursday in a nonbinding recommendation.

The lawsuit stems from a November 2022 transaction in which Astara Capital Partners Fund I LP acquired Del-Air Heating, Air Conditioning & Refrigeration Inc. from the heating company’s employee ...