Coke Bottler Accused Of 'Glaring' ERISA Breach In 401(k) Suit
Law360 (November 25, 2020, 6:52 PM EST) -- Former employees of the country's largest Coca-Cola bottler have hit the company, its board and its benefits committee with a proposed class action in North Carolina federal court, alleging they mismanaged their retirement portfolio and participated in a "glaring breach" of their fiduciary duties under the Employee Retirement Income Security Act.
In a three-count complaint filed Tuesday, former employees Cheyenne Jones and Sara Gast argue that Coca-Cola Consolidated Inc. breached its fiduciary duty by offering an unnecessarily expensive and risky retirement investment option to employees when stronger, safer options were available.
Jones and Gast point out that the plan charged annual...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!