A lead plaintiff can be a person, a group of persons, an entity (such as an institution), or a group of entities that is appointed by the court to represent the interests of all members of the class. In securities class actions, for example, the lead plaintiff generally possesses the largest financial interest in the outcome of the cases. Subject to court approval, the court-appointed lead plaintiff retains lead counsel. Together, the lead plaintiff and the lead counsel determine how the litigation should proceed and eventually be resolved. In consumer class actions brought under state law, the lead plaintiff appointment process will vary based on the factual circumstances of a given case
What is a lead plaintiff?