Another Company Stock Suit at Coca-Cola

July 4, 2005 (PLANSPONSOR.com) - Two former employees of The Coca-Cola Co. have filed a lawsuit which claims that administrators of the company's 401(k) plan "breached their fiduciary duties because they knew or should have known that the company's securities were not a prudent investment."
By PS

According to a news report, the class-action lawsuit covers the period from May 13, 1997 to April 18, 2005. The former employees say that the company’s stock made up 69% of total plan assets at one point during this time.

A Coca-Cola spokesman would not comment to the allegations because the company had not yet been served with the complaint, according to the report. It is speculated that this suit may be combined with a similar suit filed in the spring. A company spokesman said that the previous claims were “without merit”.

The plaintiffs’ case is being handled by the Garber Law Firm P.C. in Atlanta and Milberg Weiss Bershad & Schulman LLP out of Florida.

-Rebecca Moore

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