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.
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.
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).
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.
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.
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.
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