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Sarbanes-Oxley News & Developments
Coca-Cola Settles Whistleblower LawsuitsCoke will pay $540,000 to setttle lawsuits brought by a former employee.
> > The settlement of $540,000 is a fraction of what Matthew Whitley originally sought. Before he filed his lawsuits in state and federal courts, he demanded that Coke pay him $44.4 million.
The settlement includes a payout of $100,000, plus $140,000 in severance benefits, the remaining $300,000 goes to his attorney, Marc Garber of Marietta for legal fees.
Whitley, who lost his job at Coke in March amid a huge restructing, contended he was fired in retaliation for speaking out about problems at the fountain unit of Coke.
The settlement ends an investigation by the Department of Labor, which would have determined whether Whitley had grounds for whistle-blower protection under the Sarbanes-Oxley Act. The Department of Labor did a very professional job investigating the Sarbanes-Oxley side and played a critical role in facilitating this settlement - said Garber, attorney for Whitley.
Source: Hoovers
Published:2003-10-08
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