UK’s Avon Pension Fund Named Lead Plaintiff in GlaxoSmithKline
Just a few months after it reportedly encouraged fellow pension funds at the NAPF conference to participate and “not neglect opportunities to recoup losses” in US securities class actions, the UK’s Avon Pension Fund has been selected as lead plaintiff in the GlaxoSmithKline litigation. According to this article in Legal Week, the court selected Avon as lead plaintiff over numerous other applicants, including a German subsidiary of Barclays Bank.
An article in the Times noted that the German shareholder group headed up by the Barclays’ subsidiary “had the largest exposure to GSK shares but was passed over for the role of lead plaintiff because of continuing uncertainty over whether German courts can enforce a US class-action ruling.”
