FRT’s Best 19 of 2019
On behalf of our team across the globe here at Financial Recovery Technologies, we’ve compiled the most popular articles on Shareholder Class Actions both produced by the team here at Financial Recovery Technologies and industry-wide in 2019.
We have much more coming your way in 2020 – follow us on LinkedIn and bookmark our blog to stay up-to-date. Thank you for your continued partnership and we look forward to building on our relationship and supporting your shareholder class action recovery efforts in 2020 and beyond. For more information, contact your Financial Recovery Technologies representative or email us.
FRT’s Best 19 of 2019
1. Case Spotlight: Danske Bank – Six Competing Organizers
Actions are planned against Danske Bank for shareholder losses resulting from a massive $234 billion money-laundering scheme. The various organizers putting together actions have identified nearly $9 billion in investor losses resulting from the disclosure of Danske Bank’s fraud and money laundering scheme. Read our case spotlight to learn more.
2. Unique Data in Complex J.P. Morgan ADR Case Presents Filing Challenges
On December 26, 2018, J.P. Morgan Chase N.A. agreed to pay $135 million to settle SEC charges of improper handling of prerelease American Depositary Receipts (ADRs). The plaintiffs allege that the banks deducted impermissible fees for conducting foreign exchange from dividends and/or cash distributions issued by foreign companies and then owed to ADR holders. Read our blog to learn more.
3. Three Non-U.S. Passive Participation Opportunities to Keep on Your Radar
when participating in securities litigation, most institutional investors prefer countries with jurisdiction risk profiles similar to the U.S. whereby participation requires either a passive claims filings or passive registration process. Claimants have no responsibility for paying the attorney fees as are brought on a “no win, no fee basis” these jurisdictions carry no risk of an adverse party (loser pays) cost-shifting. Read our blog to know more.
4. Analyzing Offers for Non-U.S. Securities Claims
Non-U.S. recovery efforts have historically involved either doing nothing or suing and possibly obtaining compensation after years of litigation. That’s changing. The excess funding capital fueling growth has created a third option for investors – selling their claims for cash – and is opening doors for participation by capital sources unable or unwilling to underwrite entire cases. Read our whitepaper to learn more.
5. Three Key Things to Know About Non-U.S. Jurisdictions
The shareholder litigation landscape outside the U.S. continues to rapidly grow and evolve. With nearly 50 cases filed or book-building during 2018, investors must now consider many more factors when deciding whether to get active and which recovery efforts to join. Read our blog to learn more.
6. How to Overcome these Five Class Action Recovery Challenges
Every year, millions of dollars in settlement funds are distributed to eligible shareholders as a result of shareholder class action lawsuits. FRT has filed over 1.5 Million claims since inception for our clients and in 2018, FRT filed more than 372,000 claims. While the filing process for settled claims, passive group litigation, and antitrust matters require specialized expertise and capabilities, it is not beyond the reach of today’s institutional investors. Read our blog to find out more.
7. Case Update – Petrobras Securities Class Action (U.S. and Brazil)
Years after Plaintiffs brought a federal securities complaint against Petrobras, and more than a year after the case settled for approximately $3 billion, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York ordered the unsealing of the majority of documents attached to parties’ summary judgment papers. Judge Rakoff’s decision comes as an important reminder that sealing orders are not intended to last forever. Read our case update to learn more.
8. Why the Deutsche Bank Settlement is Good News for Investors in the GSE Bond Market
On TV, prosecutors promise good deals to perpetrators willing to turn on and co-operate early against their alleged partners in crime. Something similar is playing out in the Southern District of New York in the antitrust class action filed last February against 16 firms who allegedly conspired to manipulate the market for bonds issued by Fannie Mae and other government-sponsored enterprises (GSE). Read our blog to find out what it means for investors.
9. Case Spotlight: American Realty Capital Properties, Inc. (ARCP)
The proposed settlement resolves claim that ARCP, now called VEREIT, misrepresented its financial performance for the fiscal year 2013 and the first two quarters of 2014. The settlement is noteworthy for its size. Read our case spotlight for more information.
10. FRT FAQs: Settled Class Action Recovery
While the process of many class action settlements is consistent, there are many exceptions per year. Find out what are some of the frequently asked questions about settled class action recovery are by going to our blog.
Cambridge Trust is one of New England’s leading private banking and wealth management companies. The firm found it hard and frustrating to manage the class action process in-house, so they decided to outsource to a third-party provider. However, new problems arose with the vendor they selected including lack of communication and poor client service. Download our case study to learn how Cambridge Trust finds a true partner in FRT to strengthen their class-action service program.
LG Super is Australia’s leading super fund for current and former NSW local government employees managing AUD $12.1 billion in retirement savings for their members. The firm was leveraging internal processes and external legal firms to identify eligibility, file claims and recover funds from shareholder class action settlements. LG Super turned to Financial Recovery Technologies (FRT) for our reliability of settlement notifications, sophisticated reporting, and superior level of client service. Download our case study to learn how they established a centralized and best-in-class shareholder litigation recovery process.
13. EU Fines Five Banks €1.1bn Over Foreign Exchange Cartel
Brussels has fined Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07bn for participating in cartels to manipulate the foreign exchange market for 11 currencies. Citigroup was hit with the biggest fine of €311m, followed by RBS with €249m, JPMorgan at €229m, Barclays at €210m and Japan’s MUFG with about €70m. The EU is the last major regulatory authority to conclude its investigation into collusion among traders to manipulate major currency benchmarks and exchange rates — allegations that first surfaced in 2013. Click here to read the full article (subscription may be needed).
14. Five Banks Face Lawsuit in Australia for FX Collusion
Australian law firm Maurice Blackburn on Monday filed a class-action lawsuit against five international investment banks, accusing them of colluding to rig foreign exchange rates during 2008-2013 so they can profit. They are UBS, Barclays Bank, Citigroup, Royal Bank of Scotland (RBS) and J.P. Morgan. The five banks are accused of colluding to increase the price clients paid for certain investment products in order to fix exchange rates at more costly levels, according to Australian court documents. Click here to read the full article.
15. Investors Get OK For $10.9M Forex Deal With Citigroup, MUFG
A New York federal judge gave investors the go-ahead on Monday for their $10 million settlement with Citigroup and a smaller deal with MUFG Bank Ltd. that would resolve claims that the banks participated in a scheme to rig foreign exchange markets. Click here to read the full article (subscription may be needed).
16. Deutsche Bank’s $15M Deal Is 1st In Bond Price-Fixing Suit
Investors alleging major banks conspired to fix prices for bonds issued by Fannie Mae and other government-sponsored enterprises told a New York federal court on Wednesday that they have their first settlement, unveiling a $15 million deal with Deutsche Bank that includes compliance and cooperation provisions. The proposed settlement includes no admission of wrongdoing from Deutsche Bank but calls for it to pay $15 million into a settlement fund and adhere to certain antitrust compliance measures for two years. Click here to read the full article (subscription may be needed).
17. Securities litigation gathers momentum in the UK
The shareholder class action brought against The Royal Bank of Scotland by investors who had bought shares in RBS’ rights issue in 2008 represented a watershed moment in the development of UK securities litigation. Although it settled on the eve of trial, the Rights Issue Litigation was the proof of concept: it is possible to successfully pursue high-value, complex shareholder class actions to trial (or, at least, settlement) under the UK’s legal and procedural framework. Click here to read the full article.
18. Danske Bank’s $234bn Money-Laundering Scandal Results in More Than $6bn in Investor Losses
In a series of successive disclosures over the past few years, Danske Bank, Denmark’s largest bank, admitted to a massive money-laundering scandal involving Danske’s branch in Estonia and causing CEO Thomas Borgen and other top executives to resign. These disclosures resulted in stock price declines that have wiped out almost $12.8bn in market capital. Grant & Eisenhofer has been following the emerging story of Danske’s money laundering and continues to investigate avenues for investors to recover their losses under Danish law. Click here to read the full article.
19. Class Action Litigation Funders Hit a Hurdle as the High Court Strikes Down Common Fund Orders
The litigation funders underwriting Australia’s booming class actions industry have hit a setback, with the High Court deciding today that the common fund orders they use at the start of the class action to confirm its economics are not actually available in the two major forums for class actions, the Federal Court or NSW Supreme Court (BMW Australia Ltd v Brewster; Westpac Banking Corporation v Lenthall [2019] HCA 45). Click here to read the full article.
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To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.
- Blogs
- [WEBINAR] Trends in Global Shareholder Litigation: Implementing a Governance Policy
- Securities Class Action Cases: Quarterly Disbursed Claims – Q2-2019
- Case Spotlight: Daimler AG
- Three Key Things to Know About Non-U.S. Jurisdictions
- FX Case Update (March 2019): Memo filed in support of motion for initial distribution
- Case Spotlight: FX Canada
- Three Non-U.S. Passive Participation Opportunities to Keep on Your Radar
- EU Proposal May Move European Jurisdiction Risk Profiles Closer to the U.S.
- Unique Data in Complex J.P. Morgan ADR Case Presents Filing Challenges
- Whitepapers:
- A Primer on Shareholder Class Action
- A Primer on Antitrust Class Litigation
- A Primer on Global Group Litigation
- A Primer on Future Claims Recovery
- Illustrating The Outer Time Limits By Which Filing Decisions Must Be Made
- Calculating Inflationary Losses for Comparison to Loss Thresholds
- Global Landscape Continues to Evolve in the Wake of Morrison Decision
- Jurisdiction Risk Profiles:
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.
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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.