Rick Case Enterprises Inc. was hit with a proposed class action accusing the Florida car dealership company of mismanaging its retirement plan through a botched service provider transition that drained assets.
The Nov. 7 lawsuit focuses on the company’s decision to move from Empower Retirement to Principal Financial Group for 401(k) recordkeeping services. This transition, which took place in late 2022 and early 2023, caused hundreds of workers to see their account balances drop by 9% without any valid explanation, according to a complaint filed in the US District Court for the Southern District of Florida.
- Plaintiff Romeo Hebert, who ...