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. Judge Wants More Info Before OK’ing $27.5M Block.one Deal

A New York federal judge said he won’t approve a proposed $27.5 million securities settlement over a cryptocurrency company’s $4 billion initial coin offering until the lead plaintiff explains what work its attorneys performed and how the settlement will be administered. U.S. District Judge Lewis A. Kaplan issued an order Wednesday asking lead plaintiff Crypto Assets Opportunity Fund LLC to answer a dozen questions about its deal with Block.one resolving claims that the crypto company violated securities law with its $4 billion ICO for so-called EOS tokens, its proprietary digital asset. Click here to read the full article (subscription may be required).

2. Crown Settles China Arrests Class Action for $125m

Crown Resorts will pay $125 million to settle a class action launched over its business dealings in China that led to 19 staff being arrested there in 2016 for illegally promoting gambling. The arrests rocked the ASX-listed casino giant and caused its share price to collapse 14 per cent, prompting Maurice Blackburn to launch a class action on behalf of investors. The lawsuit was set to go to trial this week but on Friday morning Crown said it had settled the action for $125 million. Click here to read the full article.

3. SPACs Under the Microscope as Lawsuits Mount

As litigation over special acquisition vehicles heats up, deal lawyers are taking steps to help avoid such challenges. Investors in recent months have accused companies, such as electric truck maker Nikola Corp, of making misleading or false statements about their businesses through mergers with SPACs. Now, attorneys are advising clients to more thoroughly vet a potential target’s business and to increase transparency around conflicts of interest and other issues that could spark lawsuits. Click here to read the full article.

4. Uber Investors Eye Class Cert. in Suit Over ‘Train Wreck’ IPO

Investors have asked a California federal judge to certify their consolidated class alleging ride-hailing giant Uber Technologies Inc. duped shareholders about numerous corporate scandals, overhyped its business prospects and downplayed risks ahead of its May 2019 initial public offering. Boston Retirement System, the pension fund for Boston’s city employees, and individual investors filed a revised motion with U.S. District Judge Richard Seeborg on Friday to spearhead classwide claims that Uber’s various missteps and misrepresentations led to an $8.1 billion debut that amounted to a “train wreck” for hundreds and likely thousands of investors. Lead plaintiff’s counsel Labaton Sucharow LLP is seeking lead class counsel status. Click here to read the full article (subscription may be required).

5. Lit Finance Complexities, Opportunities on the Rise

In the recent years, litigation finance has been on a trajectory toward becoming a more widespread practice in the legal marketplace. In keeping with predictions, litigation finance—in which a third party finances a lawsuit in exchange for a portion of proceeds in the event of a winning case—appears to be gaining acceptance among big legal market players, including top law firms. What’s more, results just in from Bloomberg Law’s 2021 Litigation Finance Survey show that the litigation finance industry has emerged from the pandemic and economic downturn seemingly unscathed—and possibly even strengthened: The majority of litigation funders (56%) reported that their business increased even in the middle of the economic downturn last fall. And a slightly larger percentage (59%) said they have more business now than they did before the downturn began. Click here to read the full article.

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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.

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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.