Friday, June 27, 2014
Labaton Sucharow Reaches $22.5 Million Settlement with Automotive Safety Tech CompanyNEW YORK (June 27, 2014) — Labaton Sucharow LLP announced today the proposed $22.5 million settlement in a securities class action against automotive safety manufacturer Autoliv, Inc. in Construction Laborers Pension Trust of Greater St. Louis v. Autoliv, Inc. No. 13-cv-02546 (S.D.N.Y.)
Firm partners, Joel H. Bernstein, Christopher J. Keller and Ira A. Schochet represented the co-lead plaintiffs, Electrical Workers Pension Fund Local 103 IBEW, which alleged that Autoliv made false and misleading statements during the class period of October 26, 2010 and July 21, 2011. The other co-lead plaintiffs include Monroe County Employees' Retirement System and Construction Laborers Pension Trust of Greater St. Louis.
Plaintiffs alleged that the defendants assured investors that the company and its employees were abiding by antitrust laws, engaging in ethical business practices and complying with the company's code of conduct and ethics. The plaintiffs also alleged that Autoliv and its senior managers were knowingly participating in unlawful antitrust conspiracies with Autoliv's largest competitors, at least in the Japanese market.
On June 26, 2014, Labaton Sucharow and co-counsel, on behalf of lead plaintiffs, negotiated a $22.5 million recovery with Autoliv, Inc., pending court approval.