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...

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