Although Southern District Judge Jed Rakoff (See Profile) ultimately approved Robbins Geller Rudman & Dowd as lead counsel to a city pension fund in Pontiac, Mich., he criticized the firm, which monitored the fund’s investments and recommended a securities class action suit against Lockheed Martin Corporation.
In City of Pontiac General Employees’ Retirement System v. Lockeed Martin Corporation, 11 Civ. 5026, Judge Rakoff said that if Robbins Geller saw an opportunity for a securities suit and the pension fund approved the litigation, “Robbins Geller would be its presumptive choice as counsel but would only be obligated to continue to serve if the litigation was certified as a class action. Thus, the way Robbins Geller would be paid for its work pursuant to this ‘free’ monitoring arrangement was by the Retirement System’s bringing a class action securities action recommended by Robbins Geller in which Robbins Geller served as lead counsel.”
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