Grupo Televisa SAB traders who accused the media firm of deceptive them about its alleged position in a FIFA bribery scheme secured certification and a brand new class consultant in New York federal district court docket.
A transit union pension plan suffered the best loss and can tackle the category consultant position after an earlier candidate was disqualified, Decide Louis L. Stanton of the U.S. District Courtroom for the Southern District of New York stated Monday.
Though the traders demonstrated some market impression from the bribery allegations, Stanton rejected their bid for sophistication certification June eight as a result of the proposed consultant wasn’t typical of the category. A “flurry of functions, arguments, propositions, and considerations” relating to the choice adopted, and a fast decision was essential to keep away from “appreciable additional, pointless effort, argument, and waste.”
The pension plan purchased its Televisa shares for $229,386.14 and offered them for $208,867.59, a higher loss than that suffered by any of the opposite three candidates for the category consultant job, Stanton’s opinion stated. Robbins Geller Rudman & Dowd LLP will function counsel to the now-certified class.
The one plaintiff within the swimsuit is the category, and the category “wants just one consultant,” the opinion stated. Appointing two representatives “would inevitably enhance the price of administration of the motion, inflicting duplication of effort and the rise in authorized billable hours for communication, conferences, and repair.”
Wachtell, Lipton, Rosen & Katz represents Televisa.
The case is In re Grupo Televisa Sec. Litig., S.D.N.Y., No. 18-cv-01979, class licensed and new consultant appointed 6/29/20.