Coca-Cola Secures Dismissal of 401(k) Fund, Forfeiture Lawsuit

Coca Cola Southwest Beverages LLC convinced a federal district court to dismiss a proposed class action alleging the company mismanaged a 401(k) plan, in violation of the Employee Retirement Income Security Act of 1974.

The plaintiffs, former Coca-Cola employees, didn’t show that the company’s decision to include JPMorgan Chase & Co. target date funds in the plan violated a duty of prudence, which requires companies to make reasonable investment decisions, Judge Brantley Starr of the US District Court for the Northern District of Texas said in a Thursday order to dismiss. The plaintiffs have 28 days to amend their complaint. ...