FRT’s Fast Five: Week Ending February 28, 2020

FRT Marketing
February 28, 2020

Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Equifax Investor Suits Get Early OKs For $149M, $33M Deals

A Georgia federal judge on Tuesday preliminarily approved a $149 million deal to end a securities suit from a putative class of Equifax investors related to the credit reporting agency’s massive 2017 data breach, just a day after he did the same for a $32.5 million deal in a derivative shareholder suit stemming from the same incident. The putative class of investors in the stock-drop suit, headed by Union Asset Management Holding AG, would recover about $2.08 per affected share before fees, expenses and costs under the deal preliminarily approved by U. S. District Judge Thomas W. Thrash Jr. Click here to read the full article (subscription may be needed).

2. Deminor Files Complaint Against Danske Bank’s Former CEO

Belgian consultancy firm Deminor said on Friday it had filed a complaint on behalf of 155 institutional investors seeking 358 million euros ($386 million) in damages from Danske Bank’s former Chief Executive Thomas Borgen. Deminor, which specializes in representing institutional investors in class actions against public listed companies, said it believed investors had been misled in connection with suspected money laundering at Denmark’s biggest lender. Click here to read the full article.

3. Wells Fargo Reaches Settlement With Government Over Fake-Accounts Scandal

Wells Fargo will pay $3 billion to settle investigations by the Justice Department and the Securities and Exchange Commission into its long-running fake accounts scandal, closing the door on a major portion of the legal problems that for years have beset one of the country’s largest banks. The deal resolves civil and criminal investigations. It includes a so-called deferred prosecution agreement, in which the Justice Department reserves the right to pursue criminal charges. The bank has to satisfy the government’s requirements, including its continued cooperation with further investigations, over the next three years. The SEC portion of the settlement accused the bank of misleading shareholders. Click here to read the full article (subscription may be needed).

4. Securities Class-Action Median Settlement Continues to Grow — Report

Median securities class-action settlement amounts continued to grow in 2019, as did the size of issuer defendants, while the number of settlements involving public pension plans as lead plaintiffs dipped, according to a report released Wednesday by Cornerstone Research. The report, “Securities Class Action Settlements — 2019 Review and Analysis,” also found that in larger cases — those with “simplified tiered damages,” a proxy for what plaintiffs will claim for damages in a case — the median settlement amounts in cases where a public pension plan served as lead plaintiff were more than three times higher than those without. Click here to read the full article.

5. Did the High Court Really Strike Down Common Fund Orders in Brewster? Options Emerge for Class Action Litigation Funders

In December, the High Court handed down its decision in BMW Australia Ltd v Brewster; Westpac Banking Corporation v Lenthall [2019] HCA 45, holding that neither the Federal Court nor the NSW Supreme Court had power to make the common fund orders (CFOs) sought in two separate class actions, each of which was proposed at an early stage of the case. This was seen as a big development in class actions law, as common fund orders have been a popular way for litigation funders to make class actions financially viable. Brewster suggested that litigation funders may need to look for ways other than a CFO to make a proposed class action financially viable or not bring the class action at all, but there have been some developments which may mean that Brewster isn’t as significant as it first seemed. Click here to read the full article.

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Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

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About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and do not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.