FRT’s Fast Five: Week ending August 16, 2019

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. Big Banks Get Dozens of Claims Cut From Libor-Rigging MDL

Bank of America and a host of other big banks being sued over their alleged role in rigging Libor will face a slimmed-down set of claims after a New York federal judge agreed to honor an agreement made with Freddie Mac and the Federal Deposit Insurance Corp. to cut dozens of claims. U. S. District Judge Naomi Reice Buchwald agreed to bless the agreement in a handwritten order Monday, made on the bottom of the banks’ original request filed in June. Click here to read the full article (subscription may be needed).

2. Investors Want UK Traders to Testify in Last Leg of Forex Suit

Investors that have secured $2.3 billion in settlements over claims that big banks plotted to rig the foreign exchange markets are seeking testimony from three United Kingdom traders as they take aim at Credit Suisse, the only bank yet to settle. The forex investors asked a New York federal judge on Friday to request assistance from courts in the U.K. in taking testimony from three former forex traders for the London offices of multiple international banks, arguing that their participation in chat rooms with forex traders from competing banks will be crucial to proving Credit Suisse AG’s part in the alleged conspiracy to rig forex benchmark rates. Click here to read the full article (subscription may be needed).

3. Steinhoff to Sell Assets in Push to Survive Debts and Lawsuits

Steinhoff International, the global retailer that is battling to overcome the legacy of South Africa’s biggest accounting scandal, has pledged to slim its business and sell assets in order to survive heavy debts and shareholder lawsuits. The owner of store chains including the UK’s Poundland and Conforama in France is considering the sales as it tackles “too high” debts of $10bn that were left by its 2017 collapse, Louis du Preez, Steinhoff’s chief executive, said on Tuesday. “Where appropriate, divestments are being considered,” the company said in its first presentation to investors since the group revealed a hole in its accounts of billions of dollars two years ago. The scandal wiped $15bn from Steinhoff’s shares and was linked to faking of significant income by former executives. It led to €13bn of writedowns as Steinhoff restated its accounts amid a forensic probe. Click here to read the full article (subscription may be needed).

4. 2018–2019 Australian Class Actions Review

This is Jones Day’s fifth review of Australian class actions developments. The White Paper reviews the class actions that were commenced and settled in 2018–2019. The White Paper also examines the types of novel claims that may be commenced as class actions in the future. This analysis aims to assist readers in identifying both current and potential areas of risk for class actions. The 2018–2019 White Paper also discusses the important topics of competing class actions, common fund applications, class action settlement practices and litigation funding fees. Click here to read the full article.

5. 2019 Mid-Year Developments in Securities and M&A Litigation

Cleary Gottlieb’s “2019 Mid-Year Developments in Securities and M&A Litigation” discusses major developments from the first half of 2019 and highlights significant decisions and trends ahead. Click here to read the full article.

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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

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