Employee Spotlight: Shyanika Benimadhu

Shyanika Benimadhu is FRT’s Head of Business Development based in London, England. Hailing from Mauritius, Shy brings an incredible depth of knowledge in the field of business development and strategy. Having graduated from the University of Cambridge with a master’s in economics and completing a management course at Wharton, Shy eventually joined FRT to open the United Kingdom office. Currently, Shy wears many hats establishing FRT’s presence in EMEA, however, her focus is leading and developing relationships with partners and custodian bank clients while understanding the evolution of our clients and the market.

1. What brought you to FRT & what keeps you here?

I had colleagues who worked at FRT and they told me how great it was. They said it was a technology company that was growing very quickly. I was given an opportunity, alongside another colleague, to establish the business in Europe and I thought that would be a pretty exciting project, so I took on the role and ever since then it has been an amazing challenge. It is very rewarding and exciting to see how our European client base has grown since opening the office back in April 2018 and being able to play a role in building out the operations within our London office.

2. What are your top priorities and biggest challenges at FRT?

Our biggest priority is continuing to build our brand and grow our business in EMEA. Another priority, but also a challenge, that comes with growth is making sure we have the right resources – i.e. we are well staffed to be able to service our clients and deliver the results they expect. We want to make sure we get that right and everything else follows suit. Being a small team and seeing tremendous client growth is a challenge, albeit a good one to have.

3. What does your typical work day look like?

There really is no “typical day” for us because I travel quite a lot to meet with existing clients and prospects. I also attend conferences and other marketing events on behalf of FRT. On the days that I’m in the office, I’ll check emails, touch base with clients and prospects, scour the news to see what’s happening in the market, and catch up with the teams, both in London and Boston, to see where we are in terms of projects coming through the pipeline. I primarily work with three different teams at FRT and, due to the time difference, I only have about three hours to check in and make sure we’re all on the same page, so I take advantage of that time I have with them.

4. What is FRT doing to ensure that they’re adapting to the changing landscape of class action recovery industries while continuing to meet the needs of our current and future clients?

FRT continues to stay ahead of the curve and does a great job at anticipating future market developments. Our teams are aware of market changes and ensure our products and services cater to the present and future state of the industry. Because the landscape is constantly evolving, one of the trends we noticed a few years ago was many of our pension clients were opting out of U.S. Class Actions. This led to the creation and roll out of our Opt-Out Monitoring Solution to support clients with those decisions. Another milestone to highlight is building out our international operations which has been extremely important to FRT as we continue to grow in EMEA & APAC.

5. How do you define success?

Success is having a thriving business and for FRT, not only in Europe, but globally, as well. Also, it is important to have a highly functioning team all striving toward the same goal. You can’t grow a business with unhappy employees, and you can’t be successful if your business isn’t growing.

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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.

Learn More

For more information on what our employees have to say about their experiences with FRT, check out our careers page.

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 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.

FRT’s Fast Five: Week Ending May 15, 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. Norwegian Cruise Investors’ Covid-Linked Suits Consolidated

SNorwegian Cruise Lines investors who accused the company of lying about the coronavirus to boost sales had their proposed class actions consolidated in Florida federal district court. Investors filed separate suits in March and April alleging the cruise company claimed to prioritize guest safety while simultaneously instructing salespeople to downplay the chances the virus, which causes covid-19, could survive in the Caribbean. Click here to read the full article.

2. An Early Look at Securities Act Litigation Amid COVID-19

Although it is still too early to tell whether issuers that went public just before and then amid the COVID-19 crisis will face Securities Act lawsuits in greater than average numbers, plaintiffs are poised to file suit against issuers of substantial offerings whose share prices have been impacted by the recent market decline. The following analysis of offerings during late 2019 and early 2020, immediately prior to and during the COVID-19-induced market volatility, and the Securities Act complaints filed against some of those issuers amid the market unrest provide preliminary insights into whether, when and on what basis recent issuers—and their underwriters and auditors—are facing Securities Act litigation. Click here to read the full article.

3. Australian Government Pushes Ahead With Class Action Inquiry

The government will this week push ahead with a parliamentary inquiry into the class action industry, including the profits made by litigation funders that bankroll claims on behalf of Australians. Attorney-General Christian Porter said in many cases, funders were taking up to 30 per cent of legal settlements, “leaving the members of the action to fight over the scraps that remain” once legal fees and other costs were paid. Click here to read the full article.

4. Wirecard Hit by Shareholder Lawsuit Over Disclosures

One of Germany’s most prominent securities lawyers has filed an investor lawsuit against Wirecard, accusing the payments group of “false, omitted and incomplete” disclosures. The case, which was filed to a regional court in Munich on Tuesday by Tübingen-based lawyer Andreas Tilp, adds to Wirecard’s legal woes over the findings of a KPMG special audit that could not verify sales and profits at the heart of whistleblower allegations of fraud. The lawsuit claims that the KPMG report showed that the group for years had experienced a “massive shortfall in compliance” that it had been obliged to disclose to shareholders early on. Click here to read the full article (subscription may be required).

5. COVID-19 Australia: Financial Sector Regulatory Reform Is Postponed for Six Months

With COVID-19 putting unprecedented pressure on the financial sector, the Australian Government and regulators have put their ambitious regulatory agenda on hold for six months to allow businesses to focus on managing the COVID-19 crisis. However, the regulators have made it clear to the financial services industry that they remain focused on consumer outcomes and will take regulatory and enforcement action if there is a risk of significant harm to consumers. Click here to read the full article.

Subscribe to FRT’s Monthly Newsletter

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.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

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.

[ON-DEMAND] Understanding Shareholder Loss Estimates in Non-U.S. Securities Litigation

 

“Outside of the U.S., investors deciding to register should appreciate that there is no one ‘right’ loss number. Loss estimates may be educated guesses and can help inform your organizer selection. But don’t assume a higher estimate means you’ll get more recoveries with that organizer. In the end, everyone is before the same judge with the same approach applied to measure their losses, or negotiating with the same defendant who is applying the same method to value claims for settlement.”
– Mike Lange, Senior Vice President of Worldwide Litigation

Did you miss our April webinar on ‘Understanding Shareholder Loss Estimates in Non-U.S. Jurisdictions?’ We’ve summarized some key takeaways from this 30-minute webinar. You can access the on-demand replay.

U.S. Settled Class Actions: Recognized Loss

  • Your recognized loss, or per-share damages, is represented by the difference between inflation at purchase and inflation at sale lines.
  • You don’t usually get this full Recognized Loss amount returned to you. You get a portion of it back, pro-rated by a factor equivalent to the net settlement amount available divided by the total class-wide recognized loss.

Antitrust Settlements: Transaction Volume

  • Unlike traditional securities cases, your portion of the settlement fund is based not directly on a measure of damages. It’s based on an adjusted summation of your transaction volume during the class period.

Non-US Jurisdictions – Australia and Japan

  • In Australia and Japan, a history of court or settlement guidance as well as some statutory guidance, has led to more standardized processes.
  • Australia employees an inflationary damages approach. Unlike the United States, damages numbers provided for Australian class actions are typically still an estimate. In the US recognized loss is estimated at the end of the class action after a settlement has been preliminarily approved by the court. In Australia, damages are typically run for the first time, right after the fraud occurs to provide a “class size” estimate to funders who will pay legal costs for the class during the pendency of the action.
  • In Japan, investors can recover actual losses caused by the defendants’ false statements or illicit acts under both the Financial Instruments & Exchange Act (FIEA) and the Japanese Civil Code (JCC). For primary market purchasers, the presumed amount of their losses is calculated as the purchase amount paid minus the amount realized upon sale or the market value of shares still held at the time of claim filing.

Non-US Jurisdictions

  • Outside of the US, Australia, and Japan, investors need to opt-in to litigation. Claims are brought by groups of investors and not on a representative basis as in the US.
  • There’s little legal precedent or past settlements to guide loss estimates. Lawyers and funders use different methods and as a result, investors can get significantly different estimates from different organizers in the same case.
  • Even when organizers use the same method, their inputs can differ – they may choose different time periods, disclosure dates, price drops – which will yield different loss estimates.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

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.