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. Twitter Investors Seek Nod for $809.5 Million User Metrics Deal

Twitter Inc. and investors who say it misled them about user growth and engagement asked a federal judge in California for permission to move forward with an $809.5 million settlement. The cash deal, reached “on the literal eve of trial,” will likely rank among the 20 largest securities fraud class action settlements to date, according to a memo the social media platform’s investors filed as part of their bid for preliminary settlement approval in the U.S. District Court for the Northern District of California. The settlement represents about 24% to 30% of estimated maximum damages, which “falls significantly above the typical range of approvals,” the investors said. Twitter’s board in 2020 separately agreed to pay $47 million to resolve related shareholder derivative suits. Click here to read the full article.

2. Airbus Faces $339 Million Class Action Suit in the Netherlands, Lawyers Say

Lawyers who say they are representing “a hundred” institutional investors have filed a class action lawsuit against Airbus in a Dutch court, saying they suffered at least 300 million euros ($339 million) in damages as a result of company misconduct. The suit, filed by the Foundation for Investor Loss Compensation on Jan. 3 at The Hague District Court, says investors suffered losses after buying shares in Airbus SE (AIR. PA) that were overpriced because the company withheld information about corruption at the company. The suit also names accountants KMPG and Ernst & Young as defendants. Click here to read the full article (subscription may be required).

3. Vale Investor Class Moves Forward Over Fatal Brazil Dam Collapse

Vale S.A. investors who say the company misled them about its safety commitment ahead of a deadly 2019 dam collapse should be allowed to move forward as a class, a federal magistrate judge in New York recommended. Investors accuse the Brazilian mining company of telling them its dams were stable, it monitored for risks, and it prioritized safety, when Vale actually ignored red flags before the collapse, which killed 270 people. The proposed investor class meets procedural requirements, so the certification motion should be granted. Click here to read the full article (subscription may be required).

4. U.S. Appeals Court Revives Boeing 737 MAX Shareholder Suit

A U.S. appeals court on Friday revived a pension plan’s 2019 shareholder lawsuit against Boeing Co (BA. N) officers and directors alleging they had made false public statements about the 737 Max. The plane was involved in two crashes that killed 346 people over a five-month period and led to the plane’s grounding in March 2019. The Seafarers Pension Plan filed a lawsuit alleging that current and former Boeing officers and board members made false and misleading statements about the 737 MAX in proxy materials from 2017 through 2019. Click here to read the full article (subscription may be required).

5. The Materiality Debate and ESG Disclosure: Investors May Have the Last Word

In 2021, investors and regulators continued to focus on the scope and quality of public company disclosure of environmental, social and governance (ESG) information. In the background, the controversial debate intensified over whether ESG information, while of interest to many stakeholders, should be considered “material” for the purposes of the securities laws such that disclosure of inaccurate or misleading ESG information could be a basis for liability. While the debate rages on, however, market trends may well bypass the discussion altogether, with implications for risk assessment by boards and management. Click here to read the full article.

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