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FRT’s Fast Five: Week Ending January 24, 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. Crown Inquiry Begins in NSW as Casino Group Battles Shareholder Class Action

The first of three inquiries into Crown Resorts and the conduct of its casino business kicks off on Tuesday in Sydney when the former supreme court judge Patricia Bergin is expected to outline how she intends to tackle her task. Witnesses are likely to be called at a later date when the New South Wales inquiry –set up at arm’s length to the NSW Independent Liquor and Gaming Authority – begins in earnest. Two other inquiries – by the Victorian casino authorities and the public hearings to be held by federal Australian Commission for Law Enforcement Integrity – appear to be on hold for the time being, awaiting the results of investigations. At the same time, Crown is fighting efforts by shareholders who are suing it in a class action to take witness statements from company employees convicted in China for illegally promoting gambling. Click here to read the full article.

2. What Does ExxonMobil’s Win Mean for the Future of Climate Disclosures?

In a case that has been widely watched, on Tuesday, December 10, ExxonMobil got good news in the climate change disclosure lawsuit brought against it by the New York Attorney General. Judge Ostrager concluded that the New York Attorney General’s office had not proven its case because its evidence did not demonstrate that ExxonMobil’s alleged misrepresentations regarding climate risks “would have been viewed by a reasonable investor as having significantly altered the total mix of information made available.” While the win is certainly significant for ExxonMobil, there are a number of important lessons in the legal opinion for those responsible for assessments and disclosure of climate risks. Specifically: Not all climate change-related litigation is likely to be treated the same. The conclusions reached in climate change securities litigation may not be the same as the conclusions reached in climate change tort cases. The opinion goes to great lengths to be clear that it is confined to the particular securities issues before the court — specifically, whether the evidence showed that a reasonable investor might have changed her investment decisions if ExxonMobil had not made the alleged misrepresentations regarding climate risks. Click here to read the full article.

3. Brazil Prosecutors File Charges Against Vale, TÜV SÜD for Deadly Dam Collapse

Brazilian state prosecutors filed charges Tuesday against individuals at Vale SA and its German auditor TÜV SÜD, including executives, over the miner’s deadly dam collapse last year, a person involved in the investigation said. Prosecutors filed charges against more than 10 individuals at both companies for crimes that include homicide, the person told The Wall Street Journal. Prosecutors also charged both Vale and TÜV SÜD with environmental crimes, the person said. Click here to read the full article (subscription may be needed).

4. Shareholder Lawsuits Pile Up Against Danske Bank Amid Money Laundering Scandal

Danske Bank A/S is facing a growing number of shareholder lawsuits accusing it of covering up its involvement in a money-laundering scandal, with investors now claiming more than a billion dollars to recover losses from a significant share price drop. In two rounds of suits filed by U.S. law firms Grant & Eisenhofer and DRRT in Copenhagen City Court in 2019, 232 institutional investors are asserting $800 million in losses against the Danish bank. Another coalition of 63 institutional investors filed a $225 million lawsuit on Dec. 27, 2019. Deminor Recovery Services is soon filing a complaint on behalf of 140 investors claiming damages for a “9 digit [euro] figure,” Edouard Fremault, partner, told S&P Global Market Intelligence. Lawyers at other firms representing institutional and retail investors, including Njord Law Firm and Hindkjær Advokatfirma, said in interviews that they too are taking action against the bank. Click here to read the full article.

5. $1B Vereit Settlement Gets OK but Big Atty Payday on Hold

Manhattan federal judge signed off Tuesday on a $1.025 billion settlement between Vereit Inc. and investors who say the real estate investment firm lied about its books, but the judge held off on hashing out a $132 million fee request by lead class counsel Robbins Geller Rudman & Dowd LLP. U.S. District Judge Alvin K. Hellerstein heard a day of argument as lawyers for Vereit, formerly American Realty Capital Properties, and for lead class plaintiff TIAA-CREF, pushed to finalize stock-drop litigation deals over claims that the company and its principals defrauded investors. 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 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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