FRT Insights


FRT’s Fast Five: Week Ending August 28, 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. U.S. judge dismisses lawsuit against Danske Bank over money laundering scandal

A US judge on Monday dismissed a lawsuit accusing Denmark’s Danske Bank A/S and four former top executives of defrauding shareholders by hiding and failing to stop widespread money laundering at its former Estonian branch. US District Judge Valerie Caproni in Manhattan said shareholders in the proposed class action failed to sufficiently plead that the bank improperly reported revenue derived from money laundering or downplayed its supervision failures. She also said the plaintiffs, led by four pension funds in New York and Massachusetts, failed to show that Danske acted recklessly or with conscious disregard that its statements were false and misleading. Click here to read the full article.

2. RSA Accused Of Turning Blind Eye To Accounting Woes

Dozens of institutional investors have said they have further evidence that insurer RSA “looked the other way” and published misleading information while its Irish arm deliberately manipulated its books in a legal battle stemming from a 2013 accounting scandal. A group of 65 shareholders, which include asset manager Allianz Global Investors GmbH, are seeking compensation for drops in the company’s stock price and allege that RSA Insurance Group PLC made misleading announcements to the market about its Irish arm starting in 2009 before eventually admitting there was a €274 million ($323 million) black hole in the division’s accounts. Click here to read the full article (subscription may be needed).

3. Australia Increases Scrutiny for Litigation Funders

Following a boom in class actions backed by litigation funders, the Australian Federal Government has introduced new regulations which classify litigation funding schemes as “managed investment schemes” and “financial services licensing schemes” for the purpose of the Corporations Act 2001 (Cth). From 22 August 2020, litigation funders must hold an Australian Financial Services Licence and must register and operate each litigation funding scheme as a managed investment scheme in accordance with various legislative requirements. The changes do not affect litigation funding schemes entered into before 22 August 2020. The new regime means increased regulatory scrutiny for funders and an enhanced role for the Australian Securities and Investments Commission (“ASIC”), which is administering the regime, in the litigation funding market. The changes are expected to improve transparency around litigation funding and increase accountability of funders active in Australia. Click here to read the full article.

4. The Evolving Landscape of COVID-19-Related Class Action Lawsuits

The coronavirus (COVID-19) pandemic has caused upheaval in the global economy. This massive disruption has led to a wave of class action lawsuits relating, directly or indirectly, to COVID-19. This White Paper reviews the various categories of such class actions, the most commonly asserted theories of liability, and possible defenses to such actions, both as to the merits and against class certification. Click here to read the full article.

5. Securities Class-Action Tech Filings Increase: Cornerstone

The number of securities class-action filings involving tech companies increased for the fourth consecutive year, in line with the trend in overall filings, says a report issued Monday. Tech company filings have increased steadily from 28 in 2016 to a high of 85 in 2019, and accounted for 20% of total filings against both tech and non-tech companies in 2016-2019, according to the report issued by San Francisco-based Cornerstone Research Inc. Among other findings, state filings involving tech companies increased as a percentage of total filings in both state and federal courts, from 9% in 2017 to 18% in 2018 and 33% in 2020’s first quarter, according to the court. Click here to read the full article.

Subscribe to FRT’s Monthly Newsletter

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.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at

About FRT


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

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.

Search Tags

Our Authors

avatar for Ally GosmanAlly Gosman

Sr. Marketing Specialist

avatar for Jenn RothenbergJenn Rothenberg

VP of Marketing

avatar for Mike LangeMike Lange

Securities Litigation Counsel

avatar for Rob AdlerRob Adler

Chief Executive Officer

Latest News