A former Republic Mortgage Insurance Co. employee filed a proposed class action saying the company’s profit sharing plan lost $1.3 million when its guaranteed interest account was liquidated amid a high interest rate environment.
The lawsuit, filed Friday in the US District Court for the Middle District of North Carolina, centers on a guaranteed interest account that held more than 44% of the plan’s assets and was intended to be a conservative investment aimed at preserving capital. This account lost significant value when it was terminated in 2023 in the run-up to Republic’s acquisition by a subsidiary of
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