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Coca-Cola Bottler Cleared for $3.5 Million 401(k) Settlement

Aug. 2, 2022, 6:34 PM

Coca-Cola Consolidated Inc.'s $3.5 million settlement with workers challenging the independent bottler’s 401(k) plan received final approval in North Carolina federal court on Tuesday, as did an award of nearly $1.4 million in attorneys’ fees and costs for class counsel.

The settlement, which is slated to benefit a class of “thousands,” resolves litigation challenging the actively managed target date funds from Fidelity Management Trust Co. that were offered in Coca-Cola’s $784 million plan. The lawsuit claimed these Fidelity Freedom Funds were unnecessarily risky and significantly more expensive than other Fidelity target date funds, causing employees to lose out on retirement ...