Fiserv Shareholder Derivative Suits Alleging Insider Trading Consolidated in Eastern District of Wisconsin

MILWAUKEE (LN) — U.S. District Judge Brett H. Ludwig on Monday consolidated three shareholder derivative suits against Fiserv Inc. and its board of directors, designating Martin v. Bisignano as the lead case to address allegations that the company’s leadership misled investors about its Clover product.

The three plaintiffs filed separate actions in the Eastern District of Wisconsin, alleging that Fiserv’s board made false statements about Clover that artificially inflated the company’s share price and allowed insiders to trade on material, non-public information.

The lawsuits, Martin v. Bisignano (Case No. 25-cv-1951), Silva v. Bisignano (Case No. 26-cv-0134), and Peterson v. Lyons (Case No. 26-cv-0183), were filed by three different plaintiffs but target the same defendant for substantially similar violations of law arising underlying facts.

Plaintiffs in the Related Actions jointly moved to consolidate the actions, as well as any future cases filed in the district, and to set a briefing schedule for the appointment of lead counsel.

Defendants did not oppose the consolidation and took no position on the proposed briefing schedule.

Ludwig granted the motion to consolidate under Federal Rule of Civil Procedure 42(a), noting that the cases involve common questions of law and fact and that consolidation will promote judicial efficiency.

The judge determined that consolidation would conserve resources and eliminate the risk of inconsistent rulings, particularly because none of the cases had progressed beyond the others.

The court directed the clerk to administratively close the remaining actions and maintain the consolidated case file under Case No. 25-cv-1951.

The order also established a schedule for the appointment of lead counsel, requiring opening briefs in support of any motion for leadership to be filed by June 1, 2026, with response briefs due by June 8, 2026.

Lead counsel and defendants must meet and confer within 30 days of the order appointing lead counsel and file a joint status report within 10 days thereafter.

The court waived service of the summons and complaints in the Related Actions, provided that no other defenses to the claims are prejudiced or waived by the agreement.

Any future cases arising facts and raising similar legal issues may be added to the consolidated proceedings upon the filing of a notice of related action case.