FRT’s Fast Five: Week ending December 7, 2018

Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in U.S. claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Law firms compete in beauty parade to get AMP class action

Five law firms are fighting with each other to take on AMP’s class action, which promises to be one of Australia’s largest shareholder actions after the banking royal commission wiped off $2 billion from the wealth giant’s market capitalisation in April. Click here to read the full article (subscription may be needed).

2. How SEC’s case against Tesla, Musk boosts investor class actions

Tesla and its CEO Elon Musk did not admit liability in this weekend’s $20 million settlement with the U.S. Securities and Exchange Commission. But lawyers for shareholders suing Tesla in for securities fraud said the SEC’s case against Musk and his company will help the private litigation in at least two ways. Click here to read the full article.

3. CBA open to consolidation of dual class actions

The Commonwealth Bank of Australia is open to a proposal to consolidate two shareholder class actions filed over alleged breaches of anti-money laundering and counter-terrorism. Click here to read the full article (subscription may be needed).

4. Shareholders to SCOTUS: Don’t meddle with private right to sue over M&A disclosures

It’s no secret that the U.S. Chamber of Commerce believes that securities class actions – and, in particular – shareholder class actions challenging M&A transactions – are at best an inefficient way to police corporate conduct. In the view of the Chamber, securities class actions benefit lawyers, not shareholders. That’s why the business group launched a lobbying campaign in October to encourage Congress to restrict shareholder class actions by revising federal securities laws. Click here to read the full article.

5. Foreign Banks Challenge Jurisdiction In Forex Rig Suit

A slew of big foreign banks including BNP Paribas and HSBC Bank plc told a New York federal judge that a proposed class of investors accusing them of manipulating the foreign exchange market for at least six years haven’t proven jurisdiction over them. 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

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