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. Credit Suisse Agrees to Pay $81M to Settle US Lawsuit

Credit Suisse Group AG has agreed to settle a lawsuit filed by a number of U. S. retirement associations, according to a court filing dated Feb. 11. The Swiss lender agreed to settle all claims against its entities in exchange for an $81 million payment and an obligation to cooperate in litigating the remaining defendants. In an antitrust class action brought in 2017, the retirement associations claimed that a number of banks conspired to block competition in the stock loan market. The defendants include units of Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS Group AG. Click here to read the full article.

2. South Africa’s Steinhoff Starts Payouts in $1.62 Bln Settlement

South African retailer Steinhoff International has started a series of payouts to shareholders who lost money when its stock plunged after the revealing of accounting fraud in December 2017, it said on Tuesday. The implementation of its 1.43 billion euro ($1.62 billion) settlement offer will finally remove the single most significant overhang for the company, enabling it to focus on reducing debts and on the continued recovery from the fraud scandal. The retailer had faced 90 separate legal claims in Germany, South Africa and the Netherlands, and to avoid lengthy and expensive multi-jurisdictional legal battles it had proposed the offer, which in September received approval from claimants and financial creditors, and recently courts. Click here to read the full article.

3. Australian High Court Boost for Shareholder Class Actions

Shareholders in collapsed steel maker Arrium will be able to quiz a former director in a public examination after a High Court decision that lawyers say is a significant boost for securities class actions. In a 3-2 ruling on Wednesday, the High Court overturned a decision by the NSW Court of Appeal which said a mandatory examination of former Arrium director Colin Galbraith would be an abuse of process because it had been sought “predominantly for the purpose of pursuing private litigation against third parties”. Click here to read the full article (subscription may be required).

4. Credit Suisse Investors Ink $25M ‘Icebreaker’ Rate Swaps Deal

Institutional investors leading sprawling multidistrict litigation against nearly a dozen megabanks that allegedly colluded to control the interest rate swaps market told a New York federal judge Friday they’ve reached a $25 million “icebreaker” settlement with Credit Suisse. Along with the $25 million cash award, the proposed settlement calls for Credit Suisse Group AG to cooperate with the litigation against the remaining defendant banks, including providing up to four trial witnesses, according to the motion for preliminary approval. Click here to read the full article (subscription may be required).

5. Symantec, Investors Win Final Approval of $70 Million Settlement

Symantec Corp. and investors who say it misled them about its financial performance following two 2016 acquisitions secured final approval for a $70 million deal to resolve the suit in federal court in California. The cash settlement “represents a recovery of approximately 6.9% of the absolute maximum possible damages for all claims,” the U.S. District Court for the Northern District of California said. “This is a low-end deal but barely within the range of reasonableness.” Investors accuse the software company—now known as NortonLifeLock Inc.—of manipulating its financial reports to make its performance look better after it acquired Blue Coat Systems Inc. and Lifelock Inc. 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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