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In 1991, a class action suit was brought against Avon Products, Inc. on behalf of certain classes of holders of the Company's Preferred Equity-Redemption Cumulative Stock (PERCS). Plaintiffs alleged various contract and securities law claims related to the PERCS, which were fully redeemed in 1991, and sought aggregate damages of as high as $151 million, plus interest.

NERA Senior Vice President Dr. Vinita Juneja was retained by the defendant to address causation and liability. Testifying at trial in 2001, Dr. Juneja addressed both liability and damages issues and critiqued plaintiffs' experts' work. Her testimony included the conclusion that the company stock price response to the announcement of the redemption of the PERCs demonstrated that the market anticipated a Mandatory Redemption and a certain schedule of dividend payments, thereby contradicting plaintiffs' assertions about the Redemption triggering an alternative dividend payment schedule.

On 26 March 2004, the United States District Court for the Southern District of New York found in favor of Avon and dismissed the Consolidated Amended Class Action Complaint.