A lawsuit has been filed against Coca-Cola Co. by some of its own employees. Workers at the drinks giant claim that their employee retirement fund is being mismanaged as it invests too heavily in the company's own stock.

In a lawsuit filed today (14 July) in a federal court in Atlanta, employee representative Brenda Jackson has claimed that declining sales and accounting problems made the stock, which constitutes almost 70% of the retirement fund's holdings, a bad investment.

Earlier this year, Coke settled charges with the Securities and Exchange Commission that it had pressured Japanese bottlers to buy more drink concentrate in order to inflate sales. "The alleged wrongdoing was so pervasive that it could not reasonably have been unknown by the defendants," Jackson said in the lawsuit.

A spokesman for Coke dismissed the lawsuit as being without merit, adding that employees are free to choose from one of 27 funds offered in the 401(k) plan. The contributions made by the company to match employee's contributions are the only ones invested in Coca-Cola stock, he added.