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Bayer Investors Get Lead Plaintiff for Suit Over Roundup Payouts

Oct. 22, 2020, 3:57 PM

Bayer AG investors secured a lead plaintiff for their California federal court suit accusing the company of misleading them about the litigation risks stemming from its purchase of Roundup maker Monsanto Co.

Two pension funds will take the lead in the would-be class suit over the multibillion-dollar settlements resulting from Roundup litigation after the U.S. District Court for the Northern District of California granted their unopposed motion for appointment.

Sheet Metal Workers National Pension Fund and International Brotherhood of Teamsters Local No. 710 Pension Fund initially faced off against two other would-be lead plaintiff groups, but one withdrew its motion and the other filed a notice of non-opposition, Judge Richard Seeborg said.

The pension funds “have shown, and the other coalitions agree, that they have the largest financial interest” in the outcome of the suit, with collective losses of almost $3.9 million, Seeborg’s order said. They’ve also shown that they meet typicality and adequacy requirements.

Seeborg also approved the pension funds’ selection of Cohen Milstein Sellers & Toll PLLC as lead counsel because of the firm’s “significant experience litigating securities fraud actions, and their routine appointment as Lead Counsel by courts in this District.”

Attorneys for Bayer haven’t yet made an appearance in the suit.

The case is City of Grand Rapids Gen. Ret. Sys. v. Bayer AG, N.D. Cal., No. 20-cv-04737, lead plaintiff appointed 10/21/20.

To contact the reporter on this story: Jennifer Bennett in Washington at jbennett@bloomberglaw.com

To contact the editor responsible for this story: Rob Tricchinelli at rtricchinelli@bloomberglaw.com

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