City of St. Clair Shores Police and Fire Retirement System v. Unilever PLC

Background

City of St. Clair Shores Police and Fire Retirement System filed a securities-fraud complaint against Unilever PLC and other defendants. The plaintiff's counsel published notice of the action as required by the federal securities-fraud statute, 15 U.S.C. § 78u-4(a)(3)(A).

Lead Plaintiff Motion

Westchester Teamsters Pension Fund and Teamsters Local 456 Annuity Fund, referred to in the order as the “Teamsters Funds,” timely moved for appointment as lead plaintiff and for approval of their selection of lead counsel. No other motions or opposition were filed.

The court stated that the Teamsters Funds were entitled to a rebuttable presumption of being the “most adequate plaintiff” because they were the only potential lead plaintiffs to file a motion, submitted the required certifications, and had a substantial financial interest in the requested relief. The court also found that they asserted the same securities-fraud claims as the complaint, had no conflict with the class, and had selected qualified and experienced counsel. No other class member offered evidence to rebut that presumption.

Ruling

Judge Lorna G. Schofield granted the motion. The court appointed the Teamsters Funds lead plaintiff under 15 U.S.C. § 78u-4(a)(3)(B) and appointed their chosen counsel from Robbins Geller Rudman & Dowd LLP lead counsel for the class. The order addressed the leadership of the litigation and did not decide the underlying securities-fraud claims.