The shareholder lawsuit in U.S. District Court in New York City dates to July 2025. Besides Fiserv, the lawsuit names as defendants former CEOs Frank Bisignano and Mike Lyons, along with Bob Hau, the former chief financial officer, and John Gibbons, the former head of Fiserv's financial institutions group.
Bisignano left Fiserv before the lawsuit landed, in May 2025, when he was confirmed by the Senate to lead the Social Security Administration after being nominated to the post by President Donald Trump in late 2024.
A few months after Bisignano's exit in October last year, Lyons overhauled the company's management team and pursued what he called "a critical and necessary reset" for the payments processor. But then this year, Lyons also resigned, in June, to lead Truist Financial.
About 90% of the individual defendants' income was tied to meeting specific targets, according to the plaintiffs. Bisignano made about $700 million in July 2025 from "illicit stock sales at inflated prices," according to the plaintiffs' filing on Tuesday.