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Judge Finds ERISA Claims Sufficient Against Coca-Cola Bottler The case, which challenges the use of an actively managed TDF suite rather than its index version, will move forward. Reported by A federal judge has moved forward a lawsuit against Coca-Cola Consolidated (formerly known as Coca-Cola Bottling Co. Consolidated), its board of directors and its benefits committee alleging that the defendants breached their fiduciary responsibilities by mismanaging the plan’s investment lineup. The lawsuit specifically challenges the fact that the plan used the actively managed Fidelity Freedom Funds target-date fund (TDF) suite rather than the index suite. The plaintiffs say the active suite is too “high risk” to be suitable for the plan’s participants. They said it has higher fees than the index suite, and other plan fiduciaries and investors lost faith in the active suite. The plaintiffs lodged similar allegations with respect to the Carillon Eagle Small Cap Growt ....
ADVERTISEMENT ADVERTISEMENT Coca-Cola Bottler s Dismissal Bid Fizzles Out In 401(k) Suit Law360 (March 31, 2021, 11:02 PM EDT) A North Carolina Judge on Wednesday shot down Coca-Cola Consolidated Inc. s bid to dismiss a proposed class action alleging the Coca-Cola bottler mismanaged the retirement portfolio of its former employees, finding that the workers successfully alleged that their old employer breached its fiduciary duty. In an 11-page opinion, U.S. District Judge Frank D. Whitney ruled that the former workers allegations sufficiently demonstrate that Coca-Cola Consolidated failed to select the most cost-efficient plan when cheaper alternatives with similar investment lineups were available. The court finds plaintiffs factual allegations regarding defendants alleged failure to utilize cheaper investments that offer identical underlying investments sufficiently. ....
Coca-Cola Bottler's Dismissal Bid Fizzles Out In 401(k) Suit law360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from law360.com Daily Mail and Mail on Sunday newspapers.