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.
South Africa’s Public Investment Corp., the continent’s biggest fund manager, said it’s preparing court papers to try and force Steinhoff International Holdings NV to release PwC’s full report on what led to the retailer’s accounting scandal. Steinhoff didn’t respond to a letter demanding the report, PIC’s head of legal services Lindiwe Dlamini said in parliament on Tuesday. “And now we have to prepare the papers in order to have all the information we need to pursue the past directors.” The global retailer is also being challenged in a South African court by two media outlets to release the 7,000-page report. Click here to read the full article (subscription may be needed).
On 29 January 2019, parliament adopted the Act on collective action for damages (the “Act”). This will make it possible to claim damages for and on behalf of a ‘class’ of victims of a tort or breach of contract (among other things). The Act was published in the Staatsblad (State’s Gazette) on 1 April 2019. On 4 December 2019, the entry-into-force date was set on 1 January 2020. A collective action enables an association (Vereniging) or foundation (Stichting) to file an action in the protection of similar interests of a group of other people (the “class” for lack of a better term). This collective action already existed since 1994, but could, until now, not be used to claim compensation of damages in ready money. Click here to read the full article.
The litigation funders underwriting Australia’s booming class actions industry have hit a setback, with the High Court deciding today that the common fund orders they use at the start of the class action to confirm its economics are not actually available in the two major forums for class actions, the Federal Court or NSW Supreme Court (BMW Australia Ltd v Brewster; Westpac Banking Corporation v Lenthall  HCA 45). Click here to read the full article.
More than a decade after the High Court ruled that third parties could finance legal proceedings in Australia, the court has issued another game-changing decision that puts limits on what judges will do to help a litigation funder out. This article will give you a quick guide to the key takeaways from December 4th judgment. Click here to read the full article (subscription may be needed).
Glencore Plc is being investigated for bribery by U.K. authorities, deepening the legal troubles that threaten the world’s biggest commodities trader. The shares fell as much as 8.6% to a three-year low. The move by the Serious Fraud Office adds to ongoing corruption probes that Glencore is facing in the U.S. and Brazil, which have scared investors and shaken the company over the past two years. The SFO cast a wide net, saying it’s looking into suspicions of bribery by the company, its employees, agents, and associated persons. Click here to read the full article.
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