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. 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).

2. JPMorgan, UBS Among Banks Facing $1 Billion FX-Rigging Suit

JPMorgan Chase & Co. and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than 1 billion pounds ($1.2 billion). Barclays Plc, Citigroup Inc. and Royal Bank of Scotland Group Plc are the other three targets of the U.K. suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated. The lawsuit centers on collusion on foreign-exchange trading strategies, for which the European Commission fined Barclays, RBS, Citigroup, JPMorgan and Mitsubishi UFJ Financial Group, Inc. a total of 1.07 billion euros ($1.2 billion) in May. Click here to read the full article.

3. Brazil’s Vale Dam Disasters Trigger $2 Billion in Fresh Writedowns

Brazilian miner Vale SA on Wednesday said it swung to a quarterly loss as the company announced more than $2 billion in fresh writedowns related to two deadly dam bursts suffered by the company over a period of less than four years. In late January, the collapse of a Vale tailings dam storing muddy mining waste near the town of Brumadinho killed nearly 250 people, less than four years after a deadly disaster at the company’s Samarco joint venture with BHP Group (BHP.AX). The world’s largest iron ore exporter has since been grappling with the fallout, which has forced it to shake up its board, replace its CEO and made it the target of various criminal and regulatory probes. Click here to read the full article.

4. More State Securities Class Suits, Fewer Merger Spats in 2019

Investors are filing fewer class suits involving registration and offering fraud in federal court following a 2018 U.S. Supreme Court decision, a new report says. Almost twice as many suits have been filed in state courts as federal courts since the decision allowing state court jurisdiction came down, according to a July 31 report from Cornerstone Research and the Stanford Law School Securities Class Action Overall Clearinghouse. The report examined securities class action trends for the first half of 2019. Click here to read the full article (subscription may by needed).

5. What Securities Litigators Need to Know About the New Prospectus Regulation

The new EU Prospectus Regulation (EU/2017/1129) (the “PR”) entered into full force and effect on 21 July 2019 across EU Member States. It replaces, in its entirety, the Prospectus Directive (the “PD”) regime and therefore represents the most significant overhaul of European securities law since the PD came into force in 2005. A number of the changes will have a direct impact on claims under s.90 Financial Services and Markets Act 2000 (“FSMA”) for liability for prospectuses and listing particulars published after the relevant change took effect (some of the PR’s provisions came into force prior to 21 July 2019). We highlight below some of the key changes introduced by the PR which are likely to be of most interest from a securities litigation perspective. Click here to read the full article.

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• Blogs
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  • 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:
  • Australia
  • Denmark
  • United Kingdom
  • Taiwan
  • Greece
  • Germany

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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 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.