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. First Solar Agrees to Settle $350 Million Shareholder Lawsuit

First Solar, an Arizona based solar panel manufacturer, announced on Monday that it has entered into a Memorandum of Understanding (MOU) to pay $350 million in claims for a class-action lawsuit filed in 2012. The lawsuit claimed that First Solar executives and officers misled shareholders between April 2008 and February 2012. The suit states that First Solar inflated its stock price by concealing design defects and reporting misleading financials for nearly four years. Click here to read the full article.

2. Daimler Investors Seek $1 Billion Over Diesel Disclosure

Daimler AG was sued by more than 200 shareholders for as much as 900 million euros ($1 billion) over claims the parent of Mercedes-Benz luxury cars failed to properly disclose that its vehicles were fitted with technology to cheat on diesel emissions tests. The suits were filed in a court in Stuttgart, Germany on behalf of institutional investors, including banks, investment companies, insurances and pension funds from Europe, North America, Asia and Australia, Andreas Tilp, a lawyer for the plaintiffs, said in an emailed statement. Click here to read the full article.

3. Shareholders Unsuccessful In First UK Class Action Against Directors

Judgment was recently given in the first shareholder class action claim in England, Sharp v Blank [2019] EWHC 3078 (Ch). The claims were brought by 5,803 shareholders in Lloyds Bank against some of its former directors, and Lloyds itself. They stemmed from Lloyds’ reverse takeover of HBOS PLC during the financial crisis in 2008. The judgment concerns the recommendation made by directors to shareholders, and disclosure of information ahead of a shareholder vote approving the acquisition. The judgment demonstrates the difficulty future shareholder class actions of this kind may have (a) establishing a valid claim against directors; and (b) showing a loss on the part of the shareholders. Click here to read the full article.

4. U.K. Regulator Demands Better Corporate Governance, Reporting

The Financial Reporting Council, Britain’s watchdog for accounting and audit, is demanding better corporate governance and reporting practices as hundreds of British companies prepare to release annual reports based on new rules governing corporate behavior. Companies listed in the premium segment of the London Stock Exchange must adhere to the 2018 U.K. Corporate Governance Code. The new rules ask companies to provide additional information to shareholders on a number of issues, including how governance contributes to the long-term success of the business. The rules also ask companies to provide an explanation of their purpose and explain cases in which a chairperson’s tenure exceeds nine years, and presses boards to play an active role in shaping company culture. Click here to read the full article (subscription may be needed).

5. Recent Developments in Litigation Funding in the UK

The Jackson reforms have now bitten on insolvency proceedings, meaning insolvency practitioners cannot recover the costs of conditional fee agreements and after the event insurance entered into after 6 April 2016. Unfortunately, the alternative funding models introduced by the same reforms have not been well used. However, there remains a range of options for funding insolvency litigation other than from the insolvent estate, with legal representatives, insurers, commercial funders and insolvency practitioners themselves coming up with innovative packages of funding. This article considers key developments in litigation funding in recent years, as well as upcoming reforms that may further change the landscape. Click here to read the full article.

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• Blogs
  • [WEBINAR] Trends in Global Shareholder Litigation: Implementing a Governance Policy
  • Securities Class Action Cases: Quarterly Disbursed Claims – Q2-2019
  • Case Spotlight: Daimler AG
  • Three Key Things to Know About Non-U.S. Jurisdictions
  • FX Case Update (March 2019): Memo filed in support of motion for initial distribution
  • Case Spotlight: FX Canada
  • Three Non-U.S. Passive Participation Opportunities to Keep on Your Radar
  • EU Proposal May Move European Jurisdiction Risk Profiles Closer to the U.S.
  • Unique Data in Complex J.P. Morgan ADR Case Presents Filing Challenges
• Whitepapers:
  • A Primer on Shareholder Class Action
  • A Primer on Antitrust Class Litigation
  • A Primer on Global Group Litigation
  • A Primer on Future Claims Recovery
  • Illustrating The Outer Time Limits By Which Filing Decisions Must Be Made
  • Calculating Inflationary Losses for Comparison to Loss Thresholds
  • Global Landscape Continues to Evolve in the Wake of Morrison Decision
• Jurisdiction Risk Profiles:
  • Australia
  • Denmark
  • United Kingdom
  • Taiwan
  • Greece
  • Germany

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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.

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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.