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To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. A South Florida police pension fund and a European-based investment firm want to serve as lead plaintiff in a class-action shareholder lawsuit against Fiserv over the payment behemoth’s Clover unit.The motions last month were filed by the pension fund for police officers in Hollywood, Florida, along with a competing motion from Ethenea Independent Investors SA of Luxembourg. The officers’ pension fund said it lost $1.67 million on a decline in Fiserv shares, while Ethenea’s flagship fund, Ethna-AKTIV, lost $5.95 million on its Fiserv investment, according to the investment firm’s Sept. 22 brief.A federal court’s designation of a lead shareholder plaintiff is heavily influenced by the size of an investor’s purported loss and their attorneys’ ability to oversee the litigation on behalf of other plaintiffs, as outlined in the 1995 Private Securities Litigation Reform Act, according to court filings.The lawsuit, filed in July in federal court, alleges the payment processor misled investors by failing to disclose it had “forcibly migrated” merchants to its Clover point-of-sale product in late 2023 through the first half of 2024. Fiserv executives made misleading statements about Clover’s growth, leading to major share price declines earlier this year after the company revealed shortfalls in Clover payment volumes and overall company revenue growth, the lawsuit alleges.The complaint names Fiserv and four current and former executives as defendants, including Chief Executive Michael Lyons and former CEO Frank Bisignano, who now oversees the Social Security Administration and was named chief executive of the Internal Revenue Service this week.The litigation covers investors who bought or owned Fiserv stock between July 24, 2024 and July 22, 2025. Fiserv had no comment on the lead plaintiff process, a company spokesperson said Monday in an email, adding that “Fiserv disagrees with the claims and will vigorously defend itself.”Shares of Milwaukee-based Fiserv have declined 38% this year. Lyons became CEO in May when the Senate confirmed Bisignano for the Social Security role. The complaint was filed in the Southern District of New York by the pension fund for 733 active and retired Hollywood, Florida, police officers, which manages about $460 million, according to court documents. Ethenea Independent Investors SA manages 2.4 billion euros ($2.8 billion) in assets, describing itself as “a sophisticated institutional investor” based in Luxembourg, according to its Sept. 22 brief supporting its lead-plaintiff motion.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,753.72 +39.13 (+0.58%)Dow 3046,601.78 -1.20 (-0.00%)Nasdaq23,043.38 +255.01 (+1.12%)Russell 20002,483.99 +25.57 (+1.04%)VIX16.30 -0.94 (-5.45%)Gold4,037.10 -33.40 (-0.82%)PortfolioSign in to access your portfolioSign inTop gainersDGNX Diginex Limited 30.99 +6.79 (+28.06%)NTLA Intellia Therapeutics, Inc. 24.47 +4.03 (+19.72%)APGE Apogee Therapeutics, Inc. 47.24 +7.51 (+18.90%)FIG Figma, Inc. 71.08 +10.24 (+16.83%)RXRX Recursion Pharmaceuticals, Inc. 6.09 +0.86 (+16.44%)Top losersFICO Fair Isaac Corporation 1,695.01 -184.54 (-9.82%)OPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)JOBY Joby Aviation, Inc. 17.37 -1.54 (-8.14%)JEF Jefferies Financial Group Inc. 54.44 -4.66 (-7.88%)AAP Advance Auto Parts, Inc. 52.59 -4.25 (-7.48%)Most activeOPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)BULL Webull Corporation 12.66 -0.14 (-1.09%)RGTI Rigetti Computing, Inc. 43.23 -0.67 (-1.51%)AMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)PLUG Plug Power Inc. 3.6550 -0.2150 (-5.56%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersAMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)COST Costco Wholesale Corporation 914.80 0.00 (0.00%)TEM Tempus AI, Inc. 103.25 +10.24 (+11.01%)CIFR Cipher Mining Inc. 17.60 +1.85 (+11.75%)RXRX Recursion Pharmaceuticals, Inc. 6.09 +0.86 (+16.44%)Top economic events