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Coca-Cola Consolidated Inc. agreed to pay $3.5 million to settle a lawsuit by participants in the company’s 401(k) plan who claimed plan fiduciaries violated their ERISA duties by allowing “unreasonable” expenses and keeping high-cost, poor-performing investments in the plan’s option lineup.
The agreement, which requires court approval, was filed Feb. 22 in U.S. District Court in Charlotte, N.C. in the case of Cheyenne Jones and Sara J. Gast vs. Coca-Cola Consolidated Inc.
“Defendants have vigorously denied, and continue to vigorously deny, any wrongdoing and any liability arising from the factual allegations and claims set forth in the plaintiffs’ complaint,” said the preliminary agreement document filed by attorneys representing both parties.
Read the source article at Pensions & Investments
