A federal court judge in North Carolina rejected a request by Coca-Cola Consolidated Inc. to dismiss an ERISA lawsuit filed by current and former participants in the bottling company's 401(k) plan.
The plaintiffs alleged that plan fiduciaries allowed unreasonable plan expenses and offered high-cost and poor-performing investment options. They also alleged the company failed to monitor the fiduciaries in the case of Jones et al. vs. Coca-Cola Consolidated Inc. et al., filed Nov. 24, 2020 in a U.S. District Court In Charlotte, N.C.
U.S. District Court Frank D. Whitney ruled March 31 that the plaintiffs had met their ERISA requirements for stating a claim for allegations made against the defendants, thus rejecting the motion to dismiss.
The Coca-Cola Consolidated Inc. 401(k) Plan had assets of $784 million as of Dec. 31, 2019, according to court documents.