Berman Tabacco

Avon Products, Inc.

City of Brockton Retirement System v. Avon Products Inc., No. 11-cv-04665 (S.D.N.Y.)

As a member of the executive committee representing named plaintiffs City of Brockton Retirement System and Louisiana Municipal Police Employees’ Retirement System, Berman Tabacco negotiated a $62 million settlement that was approved in 2016. The action alleged that Avon Products, Inc. violated federal securities laws by failing to disclose to investors the size and scope of the company’s violations of the Foreign Corrupt Practices Act of 1977 (“FCPA”). In response to Avon’s piecemeal disclosures over the course of more than a year, which ultimately revealed the true extent of the FCPA violations, the company’s stock lost nearly 20% of its pre-disclosure value. This case was one of the very few successful securities cases premised on FCPA violations.

Case Information

  • Settlement Amount: