Jones v. Coca-Cola Consolidated, Inc.

2022 WL 703605 (2022)

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Jones v. Coca-Cola Consolidated, Inc.

United States District Court for the Western District of North Carolina
2022 WL 703605 (2022)

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Facts

Coca-Cola Consolidated, Inc. (defendant) was sued by participants in its 401(k) plan (the participants) (plaintiffs) in a class-action lawsuit for violations of the Employee Retirement Income Security Act of 1974. The participants filed a motion for class certification along with a motion for preliminary approval of a class-action settlement. The proposed settlement was vigorously negotiated at arm’s length. Class counsel and the class representatives had sufficient information to evaluate the value of the lawsuit. Had a settlement not been reached, the parties would have faced extensive and uncertain litigation. The settlement amount was within the range of settlements obtained in similar cases. The proposed settlement agreement provided an efficient method of distributing the settlement funds and a plan for allocating the funds between the parties, which presented no evidence of collusion between the class representatives or their counsel and Coca-Cola Consolidated. The terms related to attorney’s fees did not raise concerns about the fairness of the agreement.

Rule of Law

Issue

Holding and Reasoning (Whitney, J.)

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