FRT’s Fast Five: Week Ending April 8, 2022
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.
The team behind a proposed multi-billion pound claim against major banks over alleged foreign exchange rigging is appealing after the action was blocked by a London court. London’s Competition Appeal Tribunal ruled on Thursday the case brought by asset managers, pension funds, and others against several banks, including JPMorgan, was not suitable to proceed as a US-style, opt-out class action. Michael O’Higgins, the former chairman of watchdog The Pensions Regulator, who had been vying to lead the class action, said on Friday his team would appeal against the decision. Click here to read the full article (subscription may be required).
Wall Street’s watchdog unveiled a draft new rule to enhance blank-check company investor disclosures and to strip them of a legal protection critics argue has allowed the shell companies to issue overly optimistic earnings projections. The move by the U.S. Securities and Exchange Commission (SEC) is part of a broader crackdown on special purpose acquisition companies (SPACs) after a frenzy of deals in 2020 and early 2021 sparked concerns that some investors are getting a raw deal. The SEC proposal, which is subject to consultation, broadly aims to close that loophole by offering SPAC investors protections similar to those they would receive during the IPO process, the SEC said. Click here to read the full article.
China’s recent regulatory initiatives involving the technology, data privacy, and education industries have resulted in shareholder securities fraud class actions against China-based companies listed on US exchanges, according to Alston & Bird attorneys. While it remains to be seen whether and how the PRC will continue its regulatory push into 2022, these securities class actions demonstrate that shareholder plaintiffs will likely continue to focus on China-based companies’ regulatory-related disclosures, particularly following the issuance of significant regulations or the announcement of new enforcement actions. Alston & Bird attorneys look at some of the cases and offer suggestions on what US companies can do to mitigate risk. Click here to read the full article.
A recent survey among London litigation funders conducted by Macfarlanes has provided some important insights into the likely evolution of the UK litigation funding and legal assets market. Responses to the survey highlighted that a continued focus on collective actions is likely, not least because of the larger budgets typically required for such cases, and that the further evolution of defense funding is inevitable. Importantly, the development of private equity-style investments into law firms may also be an area for focus as funders find ever more innovative ways to deploy capital. Click here to read the full article.
Financial institutions will be expected to publish estimates of the carbon emissions linked to their loans and investments, under draft international standards aimed at eliminating greenwashing by companies. The International Sustainability Standards Board (ISSB) published a draft of its proposed standards that will now be subject to public consultation until late July. The ISSB aims to issue the final version by the end of this year. The standards are intended to provide a benchmark that regulators worldwide can use to impose new disclosure rules on companies. Click here to read the full article (subscription may be required).
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