FRT’s 2021 Top 5 Case Spotlights
On behalf of our team across the globe here at Financial Recovery Technologies, we’ve compiled the five most popular Case Spotlights produced by the team here at Financial Recovery Technologies in 2021. We have much more coming your way in 2022 – follow us on LinkedIn and bookmark our blog to stay up-to-date.
#1 Case Spotlight: Gold Fixing Antitrust
On December 8, 2020, HSBC petitioned the Court to preliminarily approve a $42 million agreement to settle class action claims that it conspired with several other banks to fix the price of the gold market. HSBC joins Deutsche Bank, who in 2016 reached a $60 million settlement, bringing the total settlement pool to $102 million.
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#2 Case Spotlight: Steinhoff Nearly Doubles Settlement Offer
In July 2021, Steinhoff nearly doubled its settlement offer in this matter to the present amount of EUR 613M, with EUR 442M of that amount dedicated to MPC claims. Its previous offer in July 2020 was for EUR 370M, with EUR 266M for MPC claims.
#3 Case Spotlight: Silver Fixing
On September 6, 2016, plaintiffs entered into a settlement agreement with Deutsche Bank (Settlement: $38m) in a suit alleging that the bank conspired to dictate the price of silver. Since the settlement against Deutsche Bank, litigation has continued against the other defendant banks. The Court recently announced a claim filing deadline of March 1, 2021 for impacted investors to file claims and recover their share of funds from the Settlement pool.
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#4 Case Spotlight: Mexican Government Bonds Antitrust Settlement
The District Court preliminarily approved a $20.7M partial settlement of federal antitrust and common law claims against Barclays and J.P. Morgan (the “Settling Defendants”). Plaintiffs will continue litigation against the remaining non-settling defendants (the “Non-Settling Defendants”). FRT is uniquely positioned to add value for clients by supplementing this list and similar ones in other cases. Here, FRT added more than 450 identifiers to the administrator list.
#5 Case Spotlight: Airbus SE
On August 8, 2016, the U.K. Serious Fraud Office announced a criminal investigation under the U.K. Bribery Act 2010 into Airbus SE, a Dutch aerospace corporation, for fraud, bribery, and corruption relating to Airbus’s alleged use of third party business partners to bribe government officials and airline executives to obtain business advantages. Subsequent similar investigations were announced by the French Parquet National Financier on March 16, 2017, and the U.S. Department of Justice on December 20, 2018. On January 27, 2020, there were reports of a potential settlement between Airbus and the regulators from all three counties. A $4 billion settlement was then announced on January 31, 2020. CLICK HERE TO READ FULL POST
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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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