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.
About 60 investors have sued Danske Bank for 1.5 billion crowns ($224 million) over alleged money laundering, their lawyers said on Friday, the third such case to hit Denmark’s biggest lender. Danish law firm Nemeth Sigetty said it had filed the latest suit at the District Court of Copenhagen on behalf of a group of about 60 international investors. The investors, including pension funds, insurance companies and asset managers from at least 12 countries, are represented by the International Securities Associations and Foundations Management Company for Damaged Danske Investors (ISAF-Danske). The lawsuit claims Danske violated Danish Capital Market Laws by deliberately misleading and keeping investors in the dark for years, ISAF-Danske said in a statement. Click here to read the full article.
Construction giant CIMIC has settled a long-running class action with investors over allegations its senior executives had knowledge of corrupt behaviour relating to the Unaoil bribery scandal that hit the company’s share price. The class action alleged that CIMIC failed to comply with its continuous disclosure obligations and engaged in misleading and deceptive conduct by withholding from shareholders that its executives “were, or may have been, aware of conduct which was corrupt or potentially corrupt.” The shareholder’s action was prompted by a bombshell October 2013 investigation by The Age and The Sydney Morning Herald that alleged the former executives were aware of a $42 million kickback paid to Monaco-based Unaoil to secure an Iraqi oil pipeline contract. Click here to read the full article (subscription may be needed).
Vocus Group has agreed to a $35 million settlement to soothe shareholders who were burned after a shock earnings downgrade in 2017 shaved hundreds of millions of dollars off the telecommunications company’s market cap. The hefty figure comes after a long-running fight between the Dodo and iPrimus owner and disgruntled investors that culminated in a class action in April, after two years of turbulent financial results and a major reshuffle of the company’s executive ranks. Click here to read the full article. (subscription may be needed).
Prosecutors have a stronger hand going after insider trading following a court ruling that lowered the bar for bringing cases. The federal appeals court in Manhattan on Monday said the government may pursue insider-trading charges under a newer securities-fraud law not subject to a key requirement of the statute prosecutors traditionally use. The change will make it much easier to bring cases, particularly against those who trade on illegal tips passed to them indirectly and who may not know the source personally. “It opens a very wide door for prosecutors,” said Peter Henning, a law professor at Wayne State University and a former federal prosecutor. Click here to read the full article.
In 2020, securities attorneys will be following a U. S. Supreme Court case that will decide the scope of the U. S. Securities and Exchange Commission’s disgorgement powers and an appeal before the Second Circuit concerning price maintenance theory. Attorneys are also eyeing whether federal courts will begin to more aggressively curb mootness fees in litigation stemming from mergers and are watching a Fifth Circuit case over the constitutionality of removing the SEC’s administrative law judges from their posts in a follow-up to the Lucia ruling. Here, Law360 looks at four key securities cases for the coming year. Click here to read the full article.
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