FRT’s Fast Five: Week ending August 8, 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. Danske Bank Must Fight Shareholder Suit Over Laundering Scandal

A U.S. class action lawsuit against the Danish bank at the center of Europe’s biggest money laundering scandal will go forward after a court rejected its request to dismiss the case. Danske Bank A/S must respond to an investor complaint by mid-September, according to an Aug. 7 order by the U.S. District Court for the Southern District of New York. Click here to read the full article.

2. Deutsche Asks for Early Win in Preferred Securities Suit

Deutsche Bank and several big banks acting as its underwriters have urged a New York federal judge to grant them an early exit from a shareholder suit accusing the banks of misleading investors in offerings of preferred securities during the implosion of the U. S. housing bubble. Deutsche, along with underwriters including Banc of America Securities LLC, Citigroup and Merrill Lynch, asked the judge to grant them summary judgment Wednesday, arguing that the shareholders cannot prove the price of the securities dipped due to Deutsche’s failure to disclose the extent of its exposure to the whims of the housing market. Click here to read the full article (subscription may be needed).

3. Environmental Liability-Related Securities Suit Filed Against 3M

At a time when litigation involving corporate disclosures regarding cybersecurity, privacy, and human resource practices and other hot topics dominate the discussion, potential corporate exposure arising from environmental liabilities and disclosures does not always receive the attention it deserves. A new securities suit recently filed against 3M is the latest example of corporate and securities litigation arising from environmental disclosure-related issues. As discussed further below, the 3M complaint is also the latest example of event-driven securities litigation as well. Click here to read the full article.

4. South Africa: a ‘Dear Friend’ SMS From Markus Jooste Adds to His Steinhoff Woes

A ‘Dear Friend’ SMS of apology from Markus Jooste days before the news of the Steinhoff firm’s rot was exposed, has been handed in as evidence in a court case that is seeing the pressure mount on Jooste, the former chief executive officer of the international furniture and household goods retailer. Jooste resigned hurriedly amid rumours that the company had been misrepresenting its earnings to shareholders and investors to the tune of more than U.S.$7 billion. This was just the tip of the iceberg as more layers of corruption and mismanagement were peeled back and exposed, making this the biggest white collar corruption case in South Africa’s history. Click here to read the full article.

5. Exxon Hit With New Stock-Drop Suit Over Climate Disclosures

A group of Exxon Mobil Corp. investors sued the energy giant’s top officers in New Jersey federal court Tuesday, alleging they misled investors about the expected impacts of climate change on various aspects of the company’s business. Click here to read the full article (subscription may be needed).

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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.

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.

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