FRT’s Fast Five: Week ending February 22, 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 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. Manzoor Bevinal, et al. v. Avon Products, Inc., et al.

This is a securities class action on behalf of all purchasers of Avon common stock between August 2, 2016 and August 2, 2017, inclusive, against Avon and certain of the Company’s officers and/or directors, seeking to pursue remedies under the Securities Exchange Act of 1934. Click here to the full case document.

2. Pension Funds’ Lawsuit Against Credit Suisse ADRs Allowed to Proceed

A bid by Credit Suisse Group to dismiss a class-action securities lawsuit brought by several pension funds was denied Wednesday by U.S. District Court Judge Lorna Schofield in New York. The class action was filed by the City of Birmingham Firemen’s and Policemen’s Supplemental Pension System, International Brotherhood of Teamsters Local No. 710 Pension Plan, Mokena, Ill., and other purchasers of Credit Suisse American Depository Receipts on the New York Stock Exchange from March 20, 2015 to Feb. 3, 2016. Click here to read the full article (subscription may be needed).

3. BNY Mellon Escapes Mortgage-Backed Securities Class Action

The Bank of New York Mellon Corp. won’t have to face a certified class of investors alleging the bank breached its duty as trustee for five residential mortgage-backed securities trusts, a federal court held Feb. 15. “Many of the legal and factual issues which must be established for class members to prove their claims cannot be resolved through class-wide proof,” Judge Gregory H. Woods wrote for the U.S. District Court for the Southern District of New York. Click here to read the full article (subscription may be needed).

4. Swedbank Shares Plunge on Link to Danske Money-Laundering Scandal

Swedbank has been drawn into the money-laundering scandal that has already embroiled a Danish rival after Sweden’s public television broadcaster, SVT, alleged the Stockholm-based bank may have been used to funnel billions of dollars of suspicious funds. SVT alleged that $5.8bn had been “funnelled between suspect accounts” in Swedbank and Danske Bank in the Baltics, involving 50 Swedbank customers “that show several risk indicators of suspected money laundering”. Click here to read the full article (subscription may be needed).

5. Appraisal Arbitrage Dimmed by Delaware Rulings

Appraisal arbitrage is falling out of style as the reality of recent Delaware rulings sets in, with a new study showing the number of mergers facing shareholder challenges over deal price dropped meaningfully for the second year in a row. 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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