US - Coca-Cola has agreed to pay US$137.5m to settle a class action law suit led by two pension funds.
The original court filing alleged the company and several officers "forced certain Coca-Cola system bottlers to accept 'excessive, unwanted and unneeded' sales of concentrate during the third and fourth quarters of 1999 thus creating a misleading sense of improvement in our company's performance in those quarters".
The plaintiffs also said Coca-Cola had not written down the value of 'impaired assets' in Russia, Japan and other areas in a timely manner therefore skewing financial results in these quarters.
The reasons behind the departure of a director and subsequent assurances from the company it would not change strategy was also called 'misleading'.
The case underwent several amendments and discussions before this settlement was agreed, according to court documents.
Coca-cola has not admitted any wrongdoing in issuing this settlement offer.
The District Court of Atlanta has preliminarily approved the deal and scheduled a fairness hearing for October.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.