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. Equifax, Investors Get Final OK of $149 Million Hack Settlement

Equifax Inc. can settle an investor suit stemming from a 2017 data breach that laid bare the personal information of nearly 150 million Americans for $149 million after a Georgia federal district judge gave final approval. The settlement resolves investor allegations that the credit reporting agency misled them about the breach. Judge Thomas W. Thrash Jr. certified the class for settlement purposes, according to U.S. District Court for the Northern District of Georgia filings entered on the docket Wednesday. Bernstein Litowitz Berger & Grossmann LLP served as lead counsel to the class. The firm will receive $29.8 million—20% of the settlement fund—in fees, along with nearly $660,000 in expenses, according to one of Thrash’s orders. Click here to read the full article.

2. Wirecard, Ex-CEO, EY Face Lawsuit Over Missing $2.1 Billion

Wirecard AG and its auditor were hit with what appears to be the first proposed securities fraud class action by U.S. shareholders over $2 billion in assets that went missing. The complaint also names former CEO Markus Braun, the company’s current and former chief financial officers, and several other corporate officers of the German company, who allegedly were involved in “drafting, producing, reviewing and/or disseminating” false and misleading statements about the company’s financial condition. The company’s German auditor, Ernst & Young LLP, was also named as a defendant. Click here to read the full article.

3. Steinhoff Likely Near to Settling $11 Billion in Legal Claims

Steinhoff International Holdings NV is close to reaching a potential deal on 10 billion euros ($11 billion) of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company, according to two people with knowledge of the matter. South African claimants — including former Chairman Christo Wiese whose suit amounts to 59 billion rand ($3.5 billion) — have been offered a combination of cash and shares in Pepkor Holdings Ltd., one of the people said. It isn’t immediately clear how much a settlement could amount to, the people said, asking not to be identified because talks are continuing and a deal may not be reached. Steinhoff owns 68% of Pepkor, Africa’s largest clothing retailer. Click here to read the full article.

4. Reforms Abroad for Litigation Funders Raise Questions in UK

Australia’s recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight. As litigation funders have grown in importance in the U.K. system, the country has left funders to regulate themselves under the auspices of Association of Litigation Funders. The group, which requires funders to show they have at least £5 million ($6.3 million) in available funding and the ability to meet their liabilities for the next three years, oversees a code of conduct and has dealt with a handful of misconduct complaints since its launch in 2011. Most lawyers are confident that Britain’s current approach is here to stay, at least for now. But others are keeping an eye on possible regulatory movements, as the market establishes itself as a part of the justice system and faces greater scrutiny. Click here to read the full article (subscription may be needed).

5. Class Action Litigation Update: Key Developments From Second Quarter 2020

There were several notable developments in the second quarter of 2020 affecting class actions. The Judicial Panel of Multidistrict Litigation will hold a hearing at the end of July on several requests to consolidate lawsuits related to the COVID-19 pandemic on an industry-wide basis. Courts issued important decisions addressing Article III standing and the proper analysis for class certification claims. And the U. S. Supreme Court declined to review decisions that make it more difficult for companies to enforce their arbitration agreements to defeat lawsuits in California that seek public injunctive relief. Click here to read the full article.

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