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.
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.
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.
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).
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.
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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