FRT’s Fast Five: Week Ending April 24, 2020

FRT Marketing
April 24, 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. McKesson Board Gets $175 Million Shareholder Settlement Approved

McKesson Corp. directors got final court approval Wednesday for a $175 million settlement in San Francisco federal court over investor claims that the drug distributor’s board exposed it to legal liability stemming from the nationwide opioid crisis. Plaintiffs’ attorneys will get $43.8 million in fees—25% of the settlement fund—and $421,000 in expenses. Approving the deal, Judge Claudia Wilken called it reasonable “in light of the excellent results that plaintiffs’ counsel achieved on behalf of the settlement class members and the risks they undertook to litigate this action on a contingency basis.” Click here to read the full article (subscription may be needed).

2. Slack Technologies Must Defend Stock Drop Securities Class Suit

Slack Technologies Inc. failed to shake off a proposed securities class action after the Northern District of California found allegations that the company misled investors about vulnerabilities related to service outages sufficient to survive dismissal. The plaintiffs may also proceed with claims that the company failed to inform investors that it had agreed to compensate customers for such disruptions, the U.S. District Court for the Northern District of California said. But the court dismissed the plaintiffs’ challenge to Slack’s statements about the strength of its “market leadership,” which allegedly downplayed the impact of potential competitors. Click here to read the full article (subscription may be needed).

3. Global Bank Giants Rigged US Corporate Bond Market for Years, Lawsuit Claims

Ten of the world’s largest banks, including JPMorgan Chase and Bank of America , have been sued for allegedly conspiring over nearly 14 years to rig prices in the $US9.6 trillion ($15.3 trillion) US corporate bond market, costing ordinary investors billions of dollars. The proposed class action filed on Tuesday in federal court in Manhattan said the banks have since August 2006 violated antitrust law by overcharging investors on “odd-lot” trades, which are worth less than $US1 million and comprise 90 per cent of all corporate bond trading. According to the 81-page complaint, the banks leveraged their power from handling more than two-thirds of US corporate bond underwriting to quietly inflate spreads between the prices where they would buy and sell odd-lot bonds. Click here to read the full article.

4. COVID-19 Update: Anticipating Securities Litigation in Response to the Pandemic

This memorandum provides an overview of event-driven securities litigation, including the tools employed by the plaintiffs’ bar in response to previous crises, and offers guidance for mitigating the risk of COVID-19-based securities litigation, including key defensive strategies for dismissing event-driven securities litigation at the pleading stage. Click here to read the full article.

5. ASX-Listed Arowana Accused of Misleading Education Group Investors

The former shareholders of collapsed ASX and New Zealand listed Intueri Education group have launched a class action against the Australian company that promoted the $NZ177 million float, saying they were misled over “real” student numbers. The investors filed the class action in the High Court of NZ earlier this month alleging ASX-listed group Arowana International (which owned Intueri) misled investors who bought into the initial public offering of Intueri in 2014. Hundreds of investors with claims totalling more than $47 million have signed up to the action including institutional investors in Australia as well as retail shareholders in both countries. Click here to read the full article.

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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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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.

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.