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.
More than a dozen banks have reached settlements totaling $337 million to resolve investors’ claims in New York federal court that the financial institutions rigged the prices of bonds issued by mortgage lending giants Fannie Mae and Freddie Mac. Click here to read the full article (subscription may be needed).
Westpac has been served with its first shareholder class-action lawsuit following the money laundering scandal that threw the lender into turmoil and cost former chief executive Brian Hartzer his position at the bank. Specialist class action law firm Phi Finney McDonald will allege the country’s oldest bank breached its continuous disclosure obligations and engaged in misleading and deceptive conduct by providing shareholders with insufficient information about the anti-money laundering risks of its Litepay and Australasian Cash Management systems. These systems are at the heart of financial intelligence watchdog AUSTRAC’s case against Westpac that alleged the bank failed to properly vet 23 million transactions, some of these linked to child exploitation in the Philippines. Click here to read the full article.
A Federal Court judge has removed a funding arrangement that required shareholders in a class action against logistics tech company GetSwift to pay a portion of their possible winnings to a litigation funder. The order followed a ruling by the High Court of Australia which left funding sources for shareholder class actions in limbo. Federal Court Justice Michael Lee called lawyers for shareholders and GetSwift into court on Tuesday after the High Court ruled the Federal Court does not have the power to order funding arrangements known as common fund orders. Click here to read the full article. (subscription may be needed).
Three decades ago, the only exposure Australians had to class action lawsuits was in Hollywood movies. Then, key court rulings and regulatory reform underpinned an extraordinary boom for the legal maneuver and the industry that has sprung up around it. The rise of class actions has resulted in billions of dollars in payouts for people affected by catastrophic fires, faulty medical goods and dud financial services products. It has also given boards and executive teams at major companies a massive headache. Huge payouts to shareholders over a lack of disclosure have sparked a wave of claims against major listed companies ranging from supermarket giant Woolworths to infant milk formula maker Bellamy’s. There have been 634 class actions of all kinds in Australia since they were first allowed 27 years ago, which have produced about $5 billion in payments, according to data from Monash University Professor Vince Morabito. It has been a boon for the growing litigation funding industry. Click here to read the full article.
Two recent appellate court decisions shed light on the limited circumstances in which regulators and private plaintiffs can pursue claims for violations of the U.S. securities and commodities laws for conduct occurring outside the United States. Taken together, these decisions provide opportunities for persons defending securities and commodities actions involving overseas conduct to achieve an early and efficient favorable resolution. Click here to read the full article.
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