FRT’s Fast Five: Week Ending February 7, 2020

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. Novo Nordisk Securities Class Action Gets Green Light

Novo Nordisk A/S will face class action claims that its stock dropped when it was revealed it misrepresented the sales of its insulin drugs, after the District of New Jersey rejected challenges to five pension funds as class representatives. The court certified a class of all persons and entities who purchased or acquired Novo American Depository Receipts between Feb. 3, 2015, and Feb. 2, 2017. Click here to read the full article (subscription may be needed).

2. US Firm Lobs Second Class Action Against Westpac Over AUSTRAC Scandal

An American investor rights law firm claims it has filed a class action against Westpac, making it the second firm to take the lender to court over the money laundering scandal that engulfed the bank late last year. Rosen Law Firm is calling on investors who purchased Westpac shares on the New York Stock Exchange to sign up to a class action following the financial intelligence agency’s federal court action against the bank over allegedly breaching anti-money laundering and counter-terrorism legislation 23 million times. Click here to read the full article.

3. Treasury Wine Faces Second Class Action

Law firm Maurice Blackburn is looking for a potential second win over Penfolds owner Treasury Wine Estates in a new class action being investigated after last week’s surprise profit downgrade, three years after securing a $49 million settlement in a previous case. Maurice Blackburn class actions principal Miranda Nagy is handling the latest potential action for possible breaches of sharemarket disclosure laws after a profit dive in the United States caused mainly by a cheap wine glut wiped $3 billion from Treasury’s sharemarket value last week. Click here to read the full article (subscription may be needed).

4. ‘Second Bite of the Cherry’ for Myer Shareholders in Class Action Case

Thousands of shareholders involved in a class action against department store giant Myer will be given a second chance to prove they suffered financial loss as a result of the retailer’s failure to update the market on its expected profit figures. The landmark class action between Myer and lead plaintiff TPT Patrol is set to continue after Justice Jonathan Beach gave leave for additional evidence to be collected which will attempt to prove investors suffered loss and damage due to the disclosure failures. Click here to read the full article.

5. US-Style Class Action Fees Poised to Come to Victoria

Victoria is poised to introduce US-style fee arrangements for law firms running class actions. Set for further debate in parliament on Tuesday, contingency fees arrangements would allow plaintiff lawyers to take a percentage of the settlement or judgment amount, instead of charging clients an hourly rate or a fixed fee. Given settlement amounts in class actions soar into the millions, the new arrangement would mean lawyers stand to earn more, with critics saying this leaves practitioners “hopelessly conflicted”. But the change, which is supported by the Victorian Law Institute and Victorian Law Reform Commission, could increase access to justice because it reduces financial risks to clients. Click here to read the full article.

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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 do 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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