FRT’s Fast Five: Week ending August 22, 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. Petrobras Objector’s Reduced Fee Award Concerns 2nd Circ.

The Second Circuit seemed tempted Tuesday to return a fee dispute in the settled, $3 billion Petrobras securities class action to U.S. District Judge Jed S. Rakoff after a settlement objector complained that his work saved the class $46 million but he only got an $11,700 award for his trouble. Circuit Judges Peter W. Hall and Debra Ann Livingston, who were joined by U.S. Court of International Trade Judge Jane A. Restani, all seemed to wonder if Judge Rakoff got it right in handing a relatively small payout to objector William Thomas Haynes and his lawyers from the Center for Class Action Fairness. Click here to read the full article (subscription may be needed)

2. Judge Says Bid to Nix Valeant Stock-Drop Suit Unnecessary

A New Jersey federal judge said Thursday that it would be “a waste of judicial resources” to consider Valeant Pharmaceuticals’ bid to toss a complaint from an options brokerage that is part of a proposed consolidated class action alleging Valeant fraudulently inflated its stock price, after previously rejecting the brokerage’s own escape move. U.S. District Judge Michael A. Shipp rejected Valeant Pharmaceuticals International Inc.’s attempt to dismiss brokerage firm Timber Hill LLC’s proposed class action, saying, “Timber Hill’s complaint is a legal nullity at this point in the litigation.” Click here to read the full article (subscription may be needed)

3. Steinhoff’s Legal Woes Leave Very Little for Those Holding Stock

Steinhoff International Holdings NV may have about 15 billion euros ($16.6 billion) of assets and stakes in profitable companies such as Pepkor Holdings Ltd., but you won’t see that reflected in the share price. The market capitalization of the embattled retailer languished at an all-time low of 239 million euros on Tuesday, suggesting shareholders have little chance that the proceeds of any future disposals will feed through to them. That’s even after Steinhoff agreed to a much-delayed debt restructuring plan last week. There’s one main reason for that: Litigation. Click here to read the full article

4.Novo Nordisk Contests Danish Lawsuit Claiming $1.75 Billion

Danish insulin-maker Novo Nordisk (NOVOb.CO) said it would fight a lawsuit filed in a Danish court on Friday which alleges the company made misleading statements about its insulin business in the United States, the company said in a statement. The securities lawsuit was filed by a number of shareholders who claim compensation worth a total of 11.785 billion Danish crowns ($1.75 billion) based on the trading of Novo shares for two years from February 2015. Click here to read the full article

5. Judge Rakoff Unseals Documents in Petrobras Securities Class Action to Allow Use in Foreign Arbitration, Bypassing Traditional Requirements of 28 U.S.C. § 1782

Years after Plaintiffs brought a federal securities complaint against Petrobras, and more than a year after the case settled for approximately $3 billion, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York ordered the unsealing of the majority of documents attached to parties’ summary judgment papers. Cornell University intends to use these documents in arbitration in Brazil. Not only does Judge Rakoff’s decision come as an important reminder that sealing orders are not intended to last forever, but this decision also demonstrates how a motion to unseal may be used to bypass the traditional requirements of 28 U.S.C. § 1782, frequently invoked by entities seeking to use U.S. discovery in foreign proceedings. 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 www.frtservices.com.

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