Coca-Cola Southwest Beverages Sued for 401(k) Funds, Forfeitures

Soda distributor Coca-Cola Southwest Beverages LLC was hit with a proposed class action challenging its retirement plan’s target date funds and how it handles 401(k) money forfeited by departing workers.

The bottler filled its $543 million retirement plan with a suite of pricey target date funds from JPMorgan Chase & Co., even though these funds materially underperformed similar fund suites from other companies, five former employees said in a complaint filed Monday in the US District Court for the Northern District of Texas. The company’s decision to remove these funds from the plan in 2021 was “too little too ...