FRT Insights


FRT’s Fast Five: Week Ending January 17, 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. SocGen Reaches Settlement in Libor-Rigging Suit

Societe Generale SA has cut a deal to settle part of the massive Libor-rigging litigation investors have leveled against more than a dozen big banks, although no specifics on the agreement were provided. A group of investors appealing the dismissal of their antitrust claims against several major financial institutions asked the Second Circuit on Tuesday to drop Societe Generale from the challenge, saying they’ve inked a deal with the bank and want the judge handling the underlying case to sign off on it. Click here to read the full article (subscription may be needed).

2. Wirecard Shareholders Seek Own Review into Accounting Scandal

A small group of Wirecard shareholders are attempting to force their own review into allegations of fraud and false accounting at the German fintech. The campaign was launched after Wirecard announced late on Friday night that its longstanding chairman Wulf Matthias had resigned “for personal reasons”, to be replaced by Thomas Eichelmann, the former Deutsche Börse chief financial officer. Wirecard has faced questions over its accounting practices for months after the Financial Times reported concerns raised by whistleblowers, and in October hired big four accountant KPMG to investigate the matter. The lawyer for the investor group said his clients “have seen the stock fall and fall and just want to know wh

at’s going on”. He said the group comprised more than 100 mostly German individual shareholders, family offices and small fund managers, who together own more than 2 percent in the company. Click here to read the full article (subscription may be needed).

3. International Securities Litigation Round-up – January 2020

Local experts in Germany and Denmark provide a summary of the major securities litigation cases in their jurisdiction. The German overview covers the Steinhoff accounting scandal, issues facing investors in shipping funds, and the Porsche and Volkswagen diesel scandals. There also is an overview of securities activity in Denmark, covering the Novo Nordisk, Danske Bank, and OW Bunker A/S cases. Click here to read the full article.

4. In 2020, Securities Class Action Filings Likely to Continue Record Pace

We expect plaintiffs firms to continue filing event-driven litigations—cases where the catalyst is the disclosure or occurrence of a significant event. These triggering events tend to reflect general risks that cut across multiple industries, such as data breaches or other cybersecurity incidents; environmental or other accidents; natural disasters; allegations of sexual misconduct; and alleged regulatory violations. With several cases at the pleadings stage, it may soon become clearer whether event-driven lawsuits are surviving motions to dismiss and thus are gaining traction at the district court level. Click here to read the full article.

5. Estonia Expands Danske Money Laundering Probe to Cover Up to $2 Billion of Transfers

Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank’s local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday. “We are investigating more than 10 cases with a total amount of up to $2 billion,” said a spokeswoman for the prosecutor general. Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await a potentially much larger fine from U.S. authorities for its involvement in one of the world’s biggest money-laundering scandals. The prosecutor said it was previously looking into suspect money flows worth $300 million relating to two separate cases. 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

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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