Plaintiffs Firms Cheer Pension Funds As Lead Plaintiffs
By Bailey Somers
Law360, New York (January 26, 2006, 12:00 AM EST) -- Scan the list of plaintiffs in recently filed shareholder class action suits and you’re likely to spot the names of several state and nationwide pension funds. Over the past five years, pension funds have begun serving as lead plaintiffs in these cases with increased frequency, prompting many to question which are benefiting more: the funds, or the plaintiffs firms that represent them.
If there’s a single case that sparked the trend of pension funds serving as lead plaintiffs, it is the Cendant securities litigation of 1999,...