FRT’s Fast Five: Week Ending April 17, 2020

FRT Marketing
April 17, 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. Israeli Telecom Company’s $1.2 Million Stock Settlement OK’d

A proposed $1.2 million securities settlement between B Communications Ltd. and investors who accuse the Israeli telecommunications company of merger improprieties got preliminary approval from a federal court in New York Monday. The company allegedly overpaid to acquire a partial subsidiary, enriching the companies’ ultimate owner and causing a 30% drop in stock price after criminal probes began. Click here to read the full article (subscription may be needed).

2. Shareholder Class Action Claims Boral Misled Market

The trustee of a superannuation fund that invested $177,300 in Boral shares is leading a shareholder class action against the building products giant over financial irregularities uncovered in its US windows business last year. Fresh details of the class action have been revealed in a statement of claim filed in the Federal Court which accuses Boral of making a series of false or misleading, or deceptive representations to the market. It argues the market was not given a proper picture of the state and performance of Boral’s US windows business prior to a shock announcement about the financial irregularities last December. Click here to read the full article.

3. Top UK Court Could Unlock US-Style Class Actions

British legal advocates have resisted adopting an American-style class action regime for years, wary of its results, costs and questionable benefits for consumers — but that may be changing. With specialized tribunals test-driving class actions and other jurisdictions floating changes to rival the U.K.’s legal dominance, British attorneys are starting to question whether a different approach is needed. Now, attorneys say two cases pending before the U.K. Supreme Court — one case involving Visa and Mastercard, and the other involving Google — could open the door for class actions in Britain in years to come, or close it firmly for another generation. Click here to read the full article (subscription may be needed).

4. Covid-19 Securities Class Actions—Forecasts and Challenges

The Covid-19 pandemic and related market disruption will undoubtedly lead to shareholder class-action suits against publicly traded companies and their directors and officers. We expect securities class action suits arising out of the Covid-19 pandemic to focus largely on alleged disclosure violations, including claims that the company misrepresented products intended for use during the pandemic or measures it took or is taking in response to the pandemic; claims the company downplayed or failed to disclose the current or anticipated impact of the outbreak on its production, sales, customers, or profits; and claims the company used the outbreak to conceal misconduct or other negative information. The current pandemic certainly creates opportunities for event-driven litigation, but it also gives rise to substantial challenges for plaintiffs to prove securities fraud claims. Click here to read the full article.

5. Westpac Faces $900m Hit to Profit From Money-Laundering Probe

Westpac will take a A$1.4bn ($900m) hit to first-half profit as a result of provisions linked to a money-laundering investigation by Australian regulators and customer refunds related to separate scandals involving its business and wealth customers. Australia’s second-biggest bank by market capitalization said that it expects to pay a A$900m fine — the country’s largest-ever civil penalty — in relation to a scandal that highlighted how compliance failures potentially facilitated child exploitation by pedophiles. Click here to read the full article (subscription may be needed).

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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.

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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.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a 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.