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09-Jul-08 11:30 [Americas]
Pension funds reach settlement with Coca Cola Coca Cola has agreed a multi-million dollar settlement for a class action law suit led by two pension funds.
The drinks manufacturer has agreed to pay $137.5 million (£69 million) to Carpenters Health & Welfare Fund of Philadelphia & Vicinity and Local 144 Nursing Home Pension Fund, which is now called 1199 SEIU Greater New York Pension Fund.
According to Global Pensions magazine, the case was originally brought to trial in 2000.
It is alleged that Coca Cola and several officers made some of the company's system bottlers accept "excessive, unwanted and unneeded" sales of concentrate to try an create a sense of improvement in company performance.
The publication also states that court records show the case has undergone several amendments before an agreement was reached.
In offering the settlement Coca Cola has not admitted any wrongdoing.
The San Francisco Chronicle reports that the California Public Employees' Retirement System reached an $895 million settlement to a class-action lawsuit brought against health care provider UnitedHealth Group.
New York's attorney-general Andrew Cuomo has urged executives of top companies to forgo their bonuses for the year, it has been revealed.
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The Argentinean government has announced its surprise plan to nationalise its private pension system, causing chaos in the country's financial market.
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In a move galvanised by fears over the future of pension plans, Americans have angrily demanded that lawmakers sort out the financial sector to prevent another stock market plunge.
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